Description

The Gap Analysis example is an Excel-based template to organize audit observations in a structured format. It includes sections for documenting process areas, expected standards, current practices, identified gaps, root causes, risks, recommendations, and accountability details. This template offers a straightforward way to record findings and support internal audit documentation.

Food for Thought:

A Gap Analysis in internal audit is a structured approach to comparing an organization’s current practices against established standards, policies, or best practices. It may highlight discrepancies, their potential impact, and possible causes. By systematically capturing process areas, observed gaps, risks, and recommendations, a gap analysis provides a clear framework for evaluating controls and supporting audit reporting.