Factsheet - Audit Action Close Out

Factsheet

This is a members only resource.

Please login to access.

Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

Global Internal Audit Standards require that internal auditors must confirm that management has implemented internal auditors’ recommendations or management’s action plans following an established methodology.

Key Points

1. An audit action is monitored until it has been formally closed.
2. If audit actions are not addressed in a timely way, the effort and cost involved with the audit are wasted.
3. All remedial and improvement actions should be tracked, with progress reported to senior management and the audit committee.
4. When an outstanding audit action is closed, then the risks as they exist at that point are being accepted. 

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes