Quality of internal audit reports

The purpose of this paper is to explore the completeness and quality of audit reports as perceived by internal audit's primary customer - the audit committee. Data was collected using a structured questionnaire that was sent to audit committee chairpersons of banks registered with the South African Reserve Bank. Respondents were asked to provide their perceptions of the quality of the internal audit reports they routinely received. The results highlight that not all internal audit functions present clear and appropriately focused reports. Whilst the audit committee chairpersons recognise that the internal audit reports do have value, there is also significant potential for improvement.