Which of the following is NOT required in an audit report according to IIA standards?

Prepare for the Canon Financial Institute CFIRS Exam with flashcards and multiple choice questions. Each question comes with hints and explanations for better understanding. Get ready to excel in your exam!

In the context of IIA (Institute of Internal Auditors) standards, an audit report is required to include several key components that articulate the findings and conclusions from the audit process. Among these components are the purpose of the audit, which helps to establish the context and objectives of the audit; the scope, which defines the extent and limits of the audit work performed; and the opinion, which presents the auditor's conclusions on the adequacy and effectiveness of the governance, risk management, and control processes.

The transmittal letter, while it might accompany an audit report as a form of communication, is not a mandated component according to IIA standards. Its purpose is generally to formally present the audit report, but the core elements that constitute the audit's findings and assessments are found in the body of the report itself. Therefore, while a transmittal letter can facilitate the communication of the report to stakeholders, it is not an essential requirement for the report to fulfill its purpose based on IIA standards. This distinction highlights the importance of understanding the essential components necessary for a comprehensive audit report versus ancillary communications.

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