IIA-Australia Factsheet - Audit Action Implementation Progress Reporting

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Author	IIA-Australia
Date	2023
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	If audit actions are not addressed in a timely way, the effort and cost involved with the audit are wasted. Organisations that have is a long list of audit actions overdue for implementation tend to have poor governance, poor ‘tone at the top’, a poor compliance culture, and do not see the benefits of a strong control environment or an effective internal audit function.
Key Points	Internal audit should establish a system to monitor progress by management to implement agreed audit actions in response to audit observations. There should be a formal process for reporting progress of audit action implementation by management. Some executive management leadership teams include regular audit action progress implementation reports in their standing agenda. Audit action implementation progress reporting should be limited to what is important. Audit action implementation progress dashboards are a useful method to focus on what is important, show progress in a succinct way, and make best use of audit committee time.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate