The internal audit memo has a very specific purpose. It is an internal audit tracking a company’s compliance with the laws and regulations that govern them. When such regulations become ineffective or otherwise fail to hold up to the scrutiny of the Internal Revenue Service, the results can have a devastating effect on a company. However, as many people know too well, sometimes these regulations and laws are passed in a rush at the eleventh hour, when everyone else is asleep. Such rushed legislation can often create a vacuum that allows illegal activities to flourish, before any attempts at regulation can protect a company from these illegal activities.
If such an opportunity should present itself, it is the internal audit manager who steps in to put a stop to it. Without such a manager, the internal audit process would be hopeless, and would likely result in huge expenses and a tarnished reputation for the company. Therefore, an internal audit memo is one of the most important parts of the job of a corporate auditor. In this short article, I will give you a quick but helpful overview of what a template for an internal audit Memo should contain, in order to ensure that the template and its role are properly played.
When looking for the right template for your needs, you will find that there are two main options: You can buy one off of the Internet, or you can create your own. In order to make sure that you choose the right option, it is important to consider what the intentions of the person who is creating the template are. Is he or she an accountant, a lawyer, or a CPA? If the creator of the internal audit memo is a lawyer, it is important to make sure that the code used is appropriate for your purposes. If a layperson writes the template, the tone should be entirely professional, but if he or she is an accountant, you might want to go with the cheaper option in order to keep costs low.