Quality Assessment Review Report – XYZ Banking Group Audit Asia Pacific
Please find attached our Quality Assessment Review (“QAR”) report for our review of the Group Audit function for XYZ Bank Asia Pacific.
The Executive Summary of this report provides an overview of our scope and review observations.
As the scope of our review was in accordance with the engagement letter dated MM/DD/YYYY.
The Professional Standards of the Institute of Internal Auditors (“IIA”) are expressed in terms of broad concepts and objectives rather than detailed procedures, and their application requires the exercise of professional judgment in a variety of circumstances. Variance in the degree of operating autonomy and in individual performance and professional interpretation affects the degree of compliance with a department's prescribed policies and procedures; therefore, adherence to all policies and procedures in every situation may not be possible, but compliance does require adherence to prescribed policies or procedures in most situations.
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