Presenting your internal audit update to the audit committee
Audit committee reporting needs to be simple and to the point, yet contain sufficient information that it can easily stand up on its own. Its a tricky balance to get right, but once the right level of detail is included and all audit committee members are satisfied, the next challenge is the preparation of the audit committee deck. Preparation can often take an excessive amount of time, require a lot of manual input and take just as long to review. Therefore, as audit committee reporting is often quarterly, its important that when considering the detail which goes into an audit committee deck, we also consider where that information comes from, and the time taken to prepare this deck.
Each audit committee is different and will request varying degrees of information. For instance, some audit committees accept a list of reports issued and their ratings, whereas other audit committees require a copy of the entire audit report.
We have developed a template audit committee deck which accounts for the different options / levels of information which audit committees may request.
Members can already access an editable version of this template as part of their membership. Members can access this template here. To become an annual member and access all our templates, please click here.
To download a free copy of this template, please click here.
To purchase an editable version of this template, please click here.
Things to be careful about
Its always good to check back to the International Standards for the Professional Practice of Internal Auditing (Standards) when preparing the audit committee deck. Your reporting to the audit committee should be in line with the Standards, but also provide the audit committee with all the necessary information.
Before rolling out this template, you should discuss with the audit committee chair to make sure this template meets their needs.