"After the exit meeting and the completion of the audit procedures, the auditor should prepare an executive summary of audit finding". Comment and list out points which should form part of executive summary.

After the exit meeting and the completion of the audit procedures, the auditor should prepare an Executive summary of audit findings. The summary explains the key audit issues, the category of risk, their resolution, agreed adjustments. After discussing the executive summary the audit certificate should be signed by the auditor and by the management or person authorized by the management of the company. The executive summary is a high-level summary, which explains audit findings, while it is a concise document; it should contain sufficient information to stand alone as a summary of the evidence which supports audit team's conclusion on the appropriate form of audit certificate. The executive summary should include: a summary of the auditee's operations and purpose; a summary of the regularly framework within which the auditee operates; an explanation of the audit approach and the balance between test of controls and substantive procedures; a summary of the key risk identified; a commentary on key balances; a commentary on the accounting policies and significant account areas; a summary of the result of audit procedures; details of areas where difficult questions of principle or judgement were involved; matters brought forward from previous year audit; a summary of other important matters for attention; outstanding matters, for example, outstanding reappointment orders or letter authorizing agreed amendments to the financial statement; a summary of matters carried forward to the next years audit; and a conclusion on the appropriate form of audit certificate. The report should clearly mention the process name; significant findings with respect to the criteria, analysis of the consequences of the findings; and recommendations of the auditor. Each observation should be supported by a set of facts and each recommendation to the management should be supported by a business reasons for implementation. Further, the replies on the auditor's observations and recommendation/comments of the management of the Auditee's company should be obtained and should be recorded in the audit file. Also, in case where the auditor opinion is other than the unmodified opinion, the full rationale should be given in the executive summary.