Factsheet - Internal Audit Report Caveats and Disclaimers

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

A disclaimer is a statement designed to limit or exclude a person from legal liability. In contract law disclaimers (also referred to as exclusion clauses or exemption clauses) are terms of a contract which limit or exclude liability for contractual breach. As long as reasonable notice of a disclaimer is provided a properly drafted exclusion clause can, subject to statute, effectively limit or exclude any contractual liability.

Key Points

1. Some caveats or disclaimers seem to attempt to limit the client’s right under their existing contracts.

2. Some caveats or disclaimers are a legitimate warning to the users of a report about the inherent limitations in the report.

3.  A caveat can reduce the trust that users have in the content of the report.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes