Auditors can use the key findings and recommendations included in this audit report sample to evaluate and improve their audit rating system. This report can be primarily used to evaluate the effectiveness of current audit processes; identify areas for improvement; and provide recommendations to enhance transparency, consistency and relevance in audit practices. The document outlines methodologies for linking business risks to functional processes, establishing a scoring system that integrates with key performance indicators (KPIs) and ensuring alignment between internal audit and risk management initiatives.

It emphasizes the importance of understanding risks, classifying audit findings and utilizing a "risks to controls" approach. Additionally, the report includes detailed project plans, progress tracking and executive summaries to assist senior management in making informed decisions about audit strategies. By incorporating best practices and benchmarking against industry standards, the document aims to optimize the organization's internal control framework, facilitate effective risk management, and ultimately support the achievement of business objectives through a structured and systematic audit approach.

Sample testing procedures include:

• Communicating relevant risk control register (RCR) entries
• Updating the new RCR control entries
• Facilitating risk identification or discussing identified risks not found in the RCR yet
• Updating new risk entries in the RCR