Your corrective action plan should identify how the changes will prevent reoccurrence in the future and what remedial controls will be implemented in the interim. Show that you are committed to fixing the issue sooner rather than later. You can take more time to thoroughly resolve complex findings, but it’s best to pledge an earlier completion date for simple issues. Identify the individual responsible for the plan and the anticipated completion date. If you agree with the audit finding, simply say so, then move on with a corrective plan of action. You fundamentally have three ways of responding: Agreement and corrective action plan These are private, unpublished documents. Management letter that may detail an area of concern not quite deserving of a finding and offering business advice or opportunities for continuous improvement.These findings are similar to financial statement findings but relate to compliance with federal regulations. Single audit findings related to internal controls and compliance requirements from federal funding under the Uniform Grant Guidance.These findings are often identified through a test of design or effectiveness over internal controls and must be reported. Findings related to deficiencies in internal control over financial reporting as required by Statement on Auditing Standard (SAS) 115 or the Government Accountability Office’s (GAO) Government Auditing Standard (GAS).There are three very common audit findings, and if you’ve recently received one, it probably falls into one of these categories: Considerations when crafting a written response to a finding A position of cooperation serves your organization best. Yes, findings are public information and you want to protect your reputation, but graciously acknowledging the issue, accepting responsibility, and outlining a corrective plan all go much further in building a collaborative relationship with regulators and earning public trust. It may be tempting to respond to a finding with indignation and defensiveness, but that approach doesn’t do you much good. They reveal helpful information you can use to protect your organization from risk and tighten controls. Findings and management letters are, in fact, essential byproducts of the audit process. A finding isn’t a report card that details your organization’s demerits, and it’s not a statement that says your management team is failing at its job. The staff will be advised of all revisions.This may be hard to swallow, but audit findings are really about improvement, not judgment. Revisions to the users' manual will be made as needed to ensure the manual is current at all times. We will then consolidate these documents into one user manual that will be available to all staff members via our website. We will have each unit supervisor to document the policies and procedures for their respective business processes by the end of the first quarter of 20XX. We agree with the auditors' comments, and the following action will be taken to improve the situation. new employees are hired, promotions granted, etc.), documented policies and procedures will facilitate training and provide guidelines for the respective positions.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |