There is a saying, “History, despite its wrenching pain, cannot be unlived, but if faced with courage, need not be lived again.” This saying also applies to organizations just as it applies to individuals. As individuals, we narrate and list our past actions in a journal or a diary. For organizations, an internal audit report is performed to organize and detail an organization’s performance during a specific period. This document also contains all the data and information gathered about matters concerning the organization, more particularly on how it performed during a certain period’s extent. Looking back on how we fared during a certain period enables us to improve ourselves and do well in the future.
What Is an Internal Audit Form?
An Internal Audit Form is an audit report form that compiles all the data and information about a particular organization’s quality of performance during a specific period. It displays and summarizes each of its parts’, workforce, and equipment alike, performance with statistical data. This report also serves as a review from which plans will be drawn from. An Internal Audit Form also serves as a platform for improving and calibrating the whole organization’s performance.
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What Is an Internal Audit
Improvement of oneself is inherent in every human being. We often look back in the past, scrutinizing, examining, and evaluating the appropriateness and righteousness of our past actions. We consistently do that to improve the way we act in front of society the next time we come face to face with it. In connection to that, human’s social nature allows them to organize themselves and act together as a single entity. Thus, when they work as a single entity, they also carry with them the propensity and compulsion to improve the organization unanimously as well.
Internal Audit is an activity in which an organization reviews its past performance to improve it. Internal Audits have been done for a long time in history, even way back before the 15th century. It is utilized by royalty and merchants alike, primarily as a way to prevent fraud, theft, and abuse of power or authority by its subordinates. Today, Internal Audits are not just for preventing fraud, theft, and abuse of power or authority, but also to improve an organization’s performance in the future all in all.
Internal Audits improve an organization’s performance by monitoring internal factors and accomplishing tasks related to it, such as.
1. Determining and mitigating risks in areas and processes where it is prevalent or likely to happen.
2. Identifying and plugging gaps in areas where controls and procedures are not adequately designed.
3. Testing developed controls and processes to determine if they work correctly in areas where they will be implemented.
4. Reporting any observations on testing and implementation of controls and processes to provide recommendations for its improvement.
Taking these factors into account and acting upon them enables an organization to solve existing problems, mitigate risks, and plan effectively and efficiently.
How to Complete an Internal Audit Form
Internal Auditing equates to personal assessment but on a larger scale. Its primary purpose is to improve an organization’s performance by solving problems and preventing them from happening, and, identifying discrepancies in control and processes and act upon them. An Internal Audit Form allows organizations to improve themselves by providing them an insight on how the organization performed during a specified period. Below are the steps on how to complete an Internal Audit Form.
Step 1. Compile all the Data and Information
Compile all the data and information gathered from different departments within the organization. You can find those data and information in various reports, such as a risk assessment review, production reports, and employee surveys. These data and information details how the organization performed as a whole in a certain period. Having a compiled list enables you to summarize each information into relevant facts and statistics, which in turn allows you to make brief and concise your Internal Audit Report.
Step 2. Download an Internal Audit Form Template
After compiling all the data and information you’ve gathered from reports from different departments, now it’s time for you to write your Internal Audit Report. To do start, download an Internal Audit Form Template by choosing from the samples provided in this article. Downloading a template enables your organization to follow a standard format in their Internal Audit Reports, plus, it also saves you time as well.
Step 3. Complete the Internal Audit Form Template
Edit the Internal Audit Form Template right after downloading it. Replace the prewritten information in the template with the information prescribed by your organization. Then, write down all the data and information that you’ve compiled. Lastly, write the auditors’ names and have it signed by them as well. Also, remember to use the editing software related to the template’s file format when editing the template.
Step 4. Print or Save the Completed the Internal Audit Form
After completing the Internal Audit Form, you can opt to store it on your computer or print it using your office printer. Storing a soft copy of the Internal Audit Form in your laptop enables you to access it quickly anytime, whenever you need it. Likewise, a printed copy of the Internal Audit Form allows you to have something to use when doing an on-site inspection.
Step 5. Submit the Internal Audit Report to the Senior Management
Submit the Internal Audit Report to the Senior Management right after completing and printing the form. An Internal Audit Report allows the Senior Management to have a glimpse of the organization’s performance at the same time, enables them to plan for its further improvement.
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