Week 12 - Audit Practice & Procedures II PDF

AUDIT PRACTICE AND PROCEDURES II Reporting to Management for Implementation of Audit Recommendation Week Twelve Recap of Last Class  Review the report The first step is to review the audit report carefully and understand the nature, scope, and impa...

AUDIT PRACTICE AND PROCEDURES II Reporting to Management for Implementation of Audit Recommendation Week Twelve Recap of Last Class  Review the report The first step is to review the audit report carefully and understand the nature, scope, and impact of the recommendations. You should check if the report is clear, accurate, and consistent, and if it provides sufficient evidence and justification for the recommendations. You should also identify any gaps, errors, or disagreements in the report, and communicate them to the auditor or the audit team. If necessary, you can request a clarification, correction, or revision of the report before accepting it  Prioritize the recommendations The next step is to prioritize the recommendations based on their urgency, importance, and feasibility. You should consider the risks, benefits, and costs of implementing or not implementing each recommendation, and the availability of resources, time, and support. You should also consult with the relevant stakeholders, such as managers, staff, customers, or suppliers, to get their input and feedback on the recommendations. Based on these factors, you should assign a priority level to each recommendation, such as high, medium, or low, and develop an action plan to address them.  Monitor the progress The third step is to monitor the progress of the implementation of the recommendations and track the changes and outcomes. You should establish a timeline, milestones, and indicators for each recommendation, and assign roles and responsibilities to the people involved. You should also communicate the action plan and the expectations to the relevant stakeholders, and provide them with guidance, support, and feedback. You should regularly review the status and performance of the implementation, and identify any issues, challenges, or deviations that may affect the results.  Verify the results The final step is to verify the results of the implementation of the recommendations and evaluate their effectiveness and sustainability. You should collect and analyze data and evidence that demonstrate the achievement of the objectives and the improvement of the quality. You should also compare the results with the baseline and the benchmarks and measure the impact and value of the changes. You should document and report the results and acknowledge and celebrate the successes. You should also identify any lessons learned, best practices, or opportunities for further improvement.