White Paper - Reporting on Status of Audit Recommendations

Whitepaper

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Author

Bruce Turner AM
CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2023

Topics Explored

Internal Audit

Format

White Paper

Extract/Description

The mission of professional internal auditing is to enhance and protect organisational value by providing risk-based and objective assurance, advice and insights. CAEs are expected to assist the audit committee to discharge its responsibilities.
Reporting on the status of audit recommendations and associated follow-up provides information that an audit committee and / or chief executive officer can use to hold management accountable for implementing audit recommendations.

Key Points

1. Internal auditors make recommendations on areas requiring improvement.
2. CAEs are required to follow-up reported observations and recommendations to evaluate actions taken by management in response.
3. For large and medium sized internal audit functions, the grouping and analysing of recommendations can provide powerful insights on areas of the business that require closer scrutiny by management.