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
Companies listed on Tadawul’s Main Market must maintain an internal audit function that reports to the audit committee, under the CMA Corporate Governance Regulations (Articles 71 and 73); on the Parallel Market (Nomu) those provisions are guiding rather than mandatory. 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.