Multiple Agencies
An Audit Report on the Effectiveness of Internal Audit Functions with Four or Fewer Staff Members
November 1998
Report Number 99-011
Overall Conclusion
Overall, small internal audit functions were effective. We found that 26 of the 33 small internal audit functions were covering high-risk areas, important strategies, and key control systems. Governing boards and management followed through on over 90 percent of the significant recommendations made by the auditors. The 33 internal audit functions we reviewed cost $3.4 million at agencies that were appropriated $13.7 billion in fiscal year 1997.
Key Facts and Findings
Internal audit functions that were not effective (21 percent) generally did not cover high-risk areas. These functions spent $600,000 during fiscal year 1997. We provided these entities input to improve their functions and increase their effectiveness. We did not identify any issues that required legislative action
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