Auditors can use this audit report template to form an internal audit (IA) strategic plan and develop a road map to achieve the future state of internal audit. 

In this template, professional practice groups are enhanced to be more strategic and transformational, including the impact of new/changing regulations and industry practices, early warning on emerging issues, and benchmarking/audit committee reporting. Another expectation of regulators is that internal audit has a strong quality assurance function. Auditors must think more strategically when analyzing risk and framing audit plans, including facilitating the risk appetite dialogue and understanding the process around risk acceptance.