Clean line in the Internal Audit Report

Aug 6th, 2022
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How to clean line in the Internal Audit Report

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internal audit report [Music] INSP [Music] to pleas this channel also first observation have fire extinguisher related inspection checklist was not available fire exting monthly inspection checklist available recommendation monthly inspection schedule to be prepared inspection of fire extinguisher to be done on priority basis to ensure the healthy condition of extinguisher awareness training to be conducted so these are the recommendation next observation employees found without PPS in Warehouse recommendation 100% implementation of PPS to be ensured PP is Zone to be marked and safety signages to be displayed PPS Mark awareness training to be imparted to all concern related to use and benefit of PPS in working premises next observation improper stacking of materials where observed safe height of stacking was not maintained recommendation safe height of a staking of materials to be ensured close supervision to be at the place to identify UNF taking practices awareness and training to be

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The 4 types of audit opinions Unqualified opinion clean report. Qualified opinion qualified report. Disclaimer of opinion disclaimer report. Adverse opinion adverse audit report.
Unqualified opinion - or clean opinion - financial statements present fairly in all material respects, the financial position and results of the entity. Qualified opinion - the financial statements contain material misstatements or omissions.
CLEAN AUDIT OUTCOME: The financial statements are free from material misstatements (in other words, a financially unqualified audit opinion) and there are no material findings on reporting on performance objectives or non-compliance with legislation.
A clean report does not contains any qualification while a qualified report contains details of all qualifications. 4. A clean report shows that the auditor is fully satisfied about the correctness of the audited books of accounts, but in a qualified report, the auditor is not satisfied with the accounts.
The Three Lines of Defense First Line of Defense Management. Second Line of Defense Risk Management and Compliance. Third Line of Defense Internal Audit. External Auditors.
UNMODIFIED OPINIONS The auditor concludes that the financial statements of a given entity are presented fairly, in all material respects, in ance with generally accepted accounting principles.
Direction and Accountability Reporting Line This reporting line for the internal audit activity is the ultimate source of its independence and authority. As such, best practice recommends that the CAE directly report to the audit committee, board of directors, or other appropriate governing authority.
Clean or Unqualified Report A clean report means that the companys financial records are free from material misstatement and conform to the guidelines set by GAAP. A majority of audits end in unqualified, or clean, opinions. 1.

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