Evaluating Audit Findings - A Practical Approach

July 2009Audit Consultant

Abstract

Audit findings evaluation is an important step in each and every audit report irrespective of the related industry or organization. Both Audit Committee, management and other stakeholders wish to receive accurate, timely, constructive and relevant information regarding audit findings. However, relevant research (Koutoupis, 2009) demonstrates that there are many complaints by both management and audit committee members as to the volume and the size of audit reports delivered to them by internal audit departments. Currently, the vast majority of the Internal Audit departments evaluate audit findings using a simple scale of High, Medium, Low Risk (importance) scale based on the prior experience of Internal Auditors. Even, big Audit forms (e.g. PwC) has adopted this approach in order to keep the things simple (PwC Internal Audit Services Manual, 2007).

Subscribe to reador

This article examines the organizational side of digital compliance in companies operating under key EU regulations (GDPR, the AI Act, NIS2, and the DSA). A common thread across these regimes...Read more

Andrej Savin

Professor, CBS LAW, Copenhagen Business School, Denmark

International Economic Sanctions (IES) and Contract Management

This document looks at how international economic sanctions affect the way contracts are managed, especially in global business settings. Economic sanctions are measures that countries or international organizations use to...Read more

Raphael Picard

Jurist Contract Manager Senior, Edenair GmbH, France

Legal Transformation? Business, AI, and New Suppliers are Key Drivers

Jake Campbell, a character in Hemingway’s The Sun Also Rises, explained how he went bankrupt: “Two ways. Gradually and then suddenly.” The humor of his observation masks its profound insight-and...Read more

Evaluating Audit Findings - A Practical Approach

Abstract

Related Papers