How to Respond to an Audit Report

To understand to the audit report you can review this sample report template.

 

Ensure your responses directly address the audit issues

For example: 12 transactions did not contain documented supervisory approvals.

Good Response:  We agree with this finding and have amended procedures to require approvals.  In addition for the 12 exceptions we have retroactively performed supervisory review and approval.

 

►Need to define coordinator of the action plan (who is responsible to ensure completion) 

 

►Need an expected date of completion that makes sense.

 

►Coordination of efforts, technical ownership vs functional ownership of issue