The principal product of the audit is the audit report in which audit opinions are expressed, audit findings are presented, and recommendations for improvements are articulated. To ensure that the recommendations presented in the final report are practicable and value adding, the Internal Audit team discusses the draft with the audit client prior to issuing the final report. The audit report can come in different formats depending on what has been adopted by the internal audit department but there are generally accepted reporting formats for audit report. Typically, the audit report generally consists of the following.
Cover memo highlights the objectives and scope of the audit exercise, the distribution list for the report (i.e. persons to receive the report). It is sent to the person responsible for attending to the issues noted in the report as well as coordinating resolution of all audit findings.