Internal Audit report for “name of insurance company “

Period of review: Timeframe of the review

Date of Final Report: Date of submission to the Mgt.

Name of Auditors Names of auditors involved

1- Executive Summary This section should contain the following

• A brief background;
• Objective and the scope of audit engagement;
• Methodology;
• Key findings;
• Opinion;
• Recommendations;
• Limitations

2- Background This section should contain the following;

• A brief background on the auditee;
• Brief description of duties/functions of auditee;

3- Objective and Scope

• Elaborate on the objective and scope of audit engagement and period covered by the current audit.

4- Methodology

• This section should explain the methodology adopted to conduct internal audit vis-à-vis interview, observation, sampling, sample size and others used for test checking records, number of records checked, type of records checked.

5- Recommendations

• This section will contain general recommendations if any that could not be covered as part of recommendations in the specific audit observations.

6- Conclusion

• This section should constitute the auditors’ overall opinion about the functioning of the auditee unit with respect the overall objective of the audit engagement.
• The strength of the auditee agency may be highlighted in this section along the areas needing attention and corrective action.

7- References

1. This section should list all publish or unpublished materials used and referred in coming with the Internal Audit Report.

8- Limitations

• Describe all your limitations in here. The limitations can be related to scope of the audit, methodology adopted, adequacy of the samples and adaptation of standards.