An audit report can be described as a document used by an auditor that contains a written opinion on a loan statement. Loans are audited based on risk assessment .Most of the audit reports are based on the auditors understanding of the controls that have been put in place.
The types of risks that may be recorded in loan audit reports include;
When auditing a loan the aim is to reconcile the borrowing listing to the final ledger and trial balance. The following should be included in a loan audit report;
The report includes the outcome of the audit conducted and explanations for each finding. The audit report should contain
The audit report makes the borrower aware of any illegalities that may have taken place while acquiring the loan. The report if conclusive may be used by the borrower to follow up on the necessary actions that may be taken in case there are discrepancies.
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