Throughout audit process, internal auditors collect facts. They are supported by written or verbal evidence. Supporting documents are known as evidence, work papers, or documentations, etc.

In real world, there is no regulation regarding amount of evidence which the auditor must gather. Unlike external auditor there is no pre-set template internal auditor is needed to follow. Pictures and graphs tables - etc are permitted in internal audit reporting but not in external audit report. Verbal reporting is also permitted. All these are subject to individual company politics and VP internal audit philosophy.

On the basis of above stated statements, number of auditors argued that external auditor (CPA) has to over document their audit process in anticipation of unexpected law suit by someone, opposing to internal auditor who doesn't expect any law suit by any insider (auditee).

Additionally, if auditee accepted results and recognized them, why internal auditors must waste their time documenting audit process?

Others claim that there is no requirement to prepare audit report. A verbal presentation to top management at end of audit process will be sufficient.

Describe above stated issues concerning gathering evidence and reporting findings. Additionally, if you are Internal Audit VP and wish to set-up your company policy, prepare down the prime points that you will need your staff to adhere to.