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| A finding, determination, or judgment dervied from the internal auditor's test results from an assurance or consulting engagement. |
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| Indicates that a control has a remote likelihood of failing or that the impact of its failure is trivial. |
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| Indicates that a control has a more than remote likelihood of failing and that the impact of its failure is more than trivial. |
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| Indicates that a control has more than remote likelihood of failing and that the impact of its failure exceeds the materiality threshold. |
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| Why there is a difference between what should exist and what does exist. |
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| The consequence of the difference between what should exist and what does exist. |
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| Suggested corrective actions to correct the condition. |
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| The vehicle through which the interal audit function informs interested parties of engagement outcomes. |
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| What is or is not included within an engagement. |
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| The internal audit function's assessment of the design adequacy and operating effectiveness of the controls subject to audit. |
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| The assignation of a numeric or descriptive appraisal of engagement results for the purpose of comparing or trending them with other engagement results. |
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| A rating or conclusion by the internal auditor that provides specific assurances about an engagement. |
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| A rating or conclusion indicating that nothing negative has come to the internal auditor's attention. |
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| Communication regarding insignifcant observations related to secondary controls that might be compromised. |
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Term
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Definition
| It is important to ensure readers of an audit communication understand what the ratings used by internal audit function mean. |
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| Quality Communications must be |
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Definition
- Accurate
- Objective
- Clear
- Concise
- Constructive
- Complete
- Timely
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Term
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Definition
| An unintentional misstatement or omission by the internal audit function of significant information in the final engagement communication. |
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