What are the two types of internal audit reports?

The two types of internal audit reports typically recognized within the auditing profession are the Executive Summary and the Full Audit Report. The Executive Summary serves as a concise overview of the audit findings, highlighting key issues, recommendations, and areas of concern in a way that is accessible to senior management and board members. This summary facilitates quick understanding and decision-making without delving into technical details.

In contrast, the Full Audit Report provides an in-depth analysis of the audit process, including thorough documentation of the audit's scope, methodology, detailed findings, supporting evidence, and comprehensive recommendations for improvement. This report is intended for a more specialized audience, such as the internal audit committee and management, who require detailed insights and actionable items stemming from the audit.

The choice of reports aligns with best practices in internal auditing, facilitating effective communication tailored to the needs of different stakeholders within the organization. Other options, while they may describe types of reports, do not encompass the standard terminology and structure widely accepted and utilized in the auditing field.