NEW! Global Knowledge Brief, Innovative Approach to Audit Reports - A Better Way to Communicate Risk
Learn how Frontier Communications reimagined their audit reports to feature both form and function
The Institute of Internal Auditors released a new Global Knowledge Brief, “Innovative Approach to Audit Reports.” The report outlines how Frontier Communications, a national telecommunications company headquartered in Connecticut, uses visualizations and data analytics in the audit reporting process to improve clarity and understanding, while providing a foundation for continuous improvement and refinement.
Key characteristics of these new audit report formats include:
- Refined observation definitions based on more objective measurements create consistency from report to report and can be easily understood by management and the audit committee.
- A revamped process maturity rating system based on pervasiveness and impact.
- An overall visual improvement with enhanced graphics, which bolsters report credibility.
- A new focus on differentiating audit observations from management observations.
- A renewed emphasis on improved report content. In these new reports, abbreviations and acronyms are omitted, observations are grouped based on themes when possible, and ratings are pressure tested to hold up to intense scrutiny.
This Global Knowledge Brief is based on Neil Frieser’s, senior vice president of internal audit at Frontier Communications, presentation at the 2019 General Audit Management (GAM) Conference in Dallas, Texas. The report is available to IIA members at www.theiia.org/GKB.