What is Internal Audit Report?
An internal audit report communicates the findings, recommendations, and management responses from an internal audit engagement to the audit committee and senior management.
How It Works
- Summarize objective, scope, and methodology.
- Present findings ranked by risk and impact.
- Include recommendations and management action plans.
Saudi Context
Tadawul-listed Saudi companies must have an internal audit function reporting to the audit committee under CMA Corporate Governance Regulations. Reports are typically prepared in Arabic and English.
Example
A Saudi bank’s internal audit issues a quarterly report flagging three high-risk findings on AML KYC compliance and tracks management remediation deadlines.