Internal Audit Opinion:

Internal auditors normally issue their reports to related parties such as the auditee, audit committee, and board of directors. Internal audit normally not provide the opinion like external audit, but it normally provides the conclusion on what they actually found during the cause of internal audit.

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

If auditors assign to review the internal control over inventories management of the 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, the internal audit department is assigned to conduct internal audit activities in the payroll department as the result of some concerns from the audit committee and board of directors.

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

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This report should provide the conclusion of significant problems found and the rating of relevance control. The internal audit report also needs to communicate to the audit committee and board of directors.

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