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Internal Audit Engagement Opinions: Setting common definitions

Setting common definitions report

Summary

This report considers the use of opinions on engagements completed by internal audit, as there is currently no common definition or standard framework for audit opinions. CIPFA's Internal Audit Special Interest Group have compared practice across a range of UK public sector internal auditors and summarised their conclusions.

Format

Published

Apr 2020

Author

CIPFA

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CIPFA has released new insight that considers the use of opinions on engagements completed by internal audit. Under the Public Sector Internal Audit Standards, auditors can include a summary opinion as part of the audit report. The opinion helps stakeholders, such as the audit committee, focus on the audit findings, particularly when significant improvements are required.

There is no standard framework for audit opinions and no common definition. CIPFA's Internal Audit Special Interest Group debated the merits of a common system and compared practice across a wide range of UK public sector internal auditors. The briefing summarises their conclusions and also proposes some common definitions that link to the definition of the scope of internal audit in the Public Sector Internal Audit Standards. A common definition may be of particular benefit where audit committee members receive internal audit reports from more than one source.