Internal Audit Opinion:

Internal audit normally issue its report to related party such as auditee, audit committee and board of director. Internal audit normally not provide the opinion like external audit, but it normally provide the conclusion on what they actually found during the cause of internal audit.

For example, the significant internal control matters, noncompliance with internal policies and regulation. In general, conclusion of opinion of internal audit is prepared mainly based on the scope of internal audit, and its objective.

If auditor assign to review the internal control over inventories management of entity, then at the end of their audit, they will raise out all the internal control weakness and significant matter found related to inventories management along with their recommendation and implication.

Here is the quote of Internal audit Opinion based on Internal Audit Standard,

Engagement Opinion
The rating, conclusion, and/or other description of results of an individual internal audit engagement, relating to those aspects within the objectives and scope of the engagement.

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Example:

For example, internal audit department is assigned to conduct internal audit activities in payroll department as the result of some concern from audit committee and board of director.

Then, after the cause of its audit activities, internal audit department need to issued audit report to, maybe base on the structure of entity, to GM or Director and also head of HR on the result of their audit.

This report should provide the conclusion of significant problem found, and rating of relevance control. Internal audit report also need to communicate to audit committee and board of director.

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So, in conclusion internal audit did not issued the opinion like external audit but it also issued the audit report which raise out all the finding, implication and recommendation along with audit rate. Audit rating is provided based on the nature of risks and subsequent risks that might affect.