Findings and Conclusions

• Findings organize the facts discovered during audit research. More precisely, they organize the facts the auditor thinks the audit client should know about and, most likely, act upon.
• What are the 5 parts a finding generally has?

  Criteria, condition, cause, consequence, corrective action.
• What does the implementation standard 2410.A1 "criteria for communicating" say?

  Final communication of engagement results must include applicable conclusions, as well as applicable recommendations and/or action plans. Where appropriate, the internal auditors’ opinion should be provided. An opinion must take into account the expectations of senior management, the board, and other stakeholders and must be supported by sufficient, reliable, relevant, and useful information.
• A conclusion represents the auditor’s professional judgment concerning the activities reviewed in the engagement.
• Conclusions and opinions are the internal auditor’s evaluations of the effects of the observations (the facts) and recommendations on the activities reviewed. 
• What may conclusions cover?

  • scope
  • specific aspects of an engagement
  • objectives and goals are met
  • the activity reviewed is functioning as intended
  • internal controls are operating as intended and efficient.