Ensuring Compliance:To ensure that audit findings and recommendations are addressed, formal follow-up procedures are necessary.
Follow-up Procedures:These procedures involve tracking the implementation of recommendations and verifying that management has taken appropriate action or has accepted the risks of not acting.
Reporting to Management:Regular reporting on the status of follow-up actions helps maintain accountability and transparency.
Standard Requirement:This aligns with the IIA’s Standard 2500 – Monitoring Progress, which requires internal audit activities to establish and maintain a system to monitor the disposition of results communicated to management.
References:
The IIA’s International Standards for the Professional Practice of Internal Auditing, specifically Standard 2500 on Monitoring Progress.
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