Templates
Internal audit procedure template

Internal audit procedure template

Conducting internal audits requires a clear and structured approach. This template helps you outline the process, assign roles, and document findings effectively.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
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Learn more
or Download template as PDF
Internal audit procedure template

Conducting internal audits requires a clear and structured approach. This template helps you outline the process, assign roles, and document findings effectively.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

The internal audit procedure template gives you a comprehensive tool for evaluating compliance and risk across your organization. It focuses on the three critical elements of effective auditing: compliance evaluation, risk identification, and corrective action planning. When your team needs to audit processes, this template helps you methodically document compliance gaps and identify control weaknesses. You can then assign clear responsibilities for improvements.

The Association of Certified Fraud Examiners reports that organizations lose about 5% of annual revenue to fraud. When you conduct regular internal audits with this approach, you can strengthen controls and reduce your vulnerability to such losses.


Related categories

Preview of the template
Entity
General Information
Audit Title
Audit Date
Audit Team
Department/Process Audited
Compliance Evaluation
Are all relevant policies and procedures documented?
Are policies and procedures being followed?
Are there any gaps in compliance?
Describe compliance gaps (if any)
Risk Identification
Have all key risks been identified?
Are controls in place to mitigate risks?
Describe risks and control gaps (if any)
Corrective Actions
Have corrective actions been identified?
Have responsibilities and deadlines been assigned?
Describe corrective actions

Frequently asked questions

How detailed should my corrective action descriptions be in this template?

Corrective actions should be specific enough that anyone could understand and implement them. Include what needs to be done, who’s responsible, and by when. Avoid vague statements like “improve the process” and instead specify “Update the approval procedure to require secondary verification of transactions over $5,000 by the department manager.”

What should I do if I discover a serious compliance issue during an internal audit?

Document the issue thoroughly with supporting evidence. If it poses immediate risk, alert management promptly rather than waiting for the final report. Determine root causes before recommending corrective actions. Consider whether the issue requires disclosure to regulators or other stakeholders. Implement interim controls to mitigate risk while developing permanent solutions.

How can I use the findings from this internal audit template to drive continuous improvement?

Through Lumiform, you can analyze patterns across multiple audits to identify systemic issues. Share positive findings as best practices across departments. Use results to update training programs and refine procedures. Present summarized findings to leadership with recommendations for resource allocation. Celebrate improvements to encourage engagement in the audit process and foster a culture of continuous improvement.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.