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.