Learn How to Respond to an Audit Report or Action Plan Request
An audit report is issued to the user of an entity's financial statements. The user may rely upon the report as evidence that a knowledgeable third party has investigated and rendered an opinion on the financial statements.
To understand the audit report you can review this sample report template, which follows the following format:
- Objective and scope
- Reportable Issues
- Management's overall response
How to Respond to an Audit Report
Ensure your responses directly address the audit issues.
- Need to define coordinator for the action plan (who is responsible to ensure completion).
- Need an expected date of completion that makes sense.
- Need to coordinate efforts, decide technical ownership vs. functional ownership of an issue.
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 to the 12 exceptions, we have retroactively performed supervisory review and approval.
How to Respond to Action Plan Update Requests
In the audit committee report, we report on the status of all reportable issues identified in the executive summary of each report. You need to be able to support that the item was completed or if you need more time to implement, what you need to do.
Sample Report Template
To understand an audit report you can view an Internal Audit Draft Report.
Who will receive copies of my audit report?
The final report, which includes comments and action plans from management of the area audited, is distributed to the Executive VP for Finance, the Senior Executive VP for Finance, the Provost, the President, the Audit Committee Chair, the Independent Auditor and other management as appropriate.
Does the Board of Trustees see what is in the audit reports?
We prepare a quarterly report for the University Board of Trustees containing the most significant findings or systematic issues from our audits.
How do I complete my conflict of interest disclosure?
Internal Audit is no longer surveying Administrative Officers for conflicts of interest. If you have been requested to disclose you likely need to submit your disclosure in the RASCAL system which is connected and required for particular grants.
Please see – Rascal Proposal Tracking (PT) for further guidance and contact information.