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#1038618 - 09/10/08 03:14 PM Slimming Down Reports to Audit Comm.
Tesla Offline
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I have been asked to slim down the audits within my reports to the audit committee. I was under the impression the audit committee was supposed to see a full report, but management has indicated they should just get an "Executive Summary" of the report. SO -I have two questions: 1) Is this correct? and 2) If so, is it appropriate to say "More detailed information is available upon request.??

Thanks in advance for sharing your thoughts/expertise.
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#1038706 - 09/10/08 03:52 PM Re: Slimming Down Reports to Audit Comm. Tesla
Zebra 15 Offline
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I would let the audit committee dictate what type report they wanted. If the audit committee is doing their job (and ours is) they will want the full report.

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#1038739 - 09/10/08 04:06 PM Re: Slimming Down Reports to Audit Comm. Zebra 15
Tesla Offline
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Well - ours isn't - and they are requesting "slimmed down" reports. So - to CMA would it be appropriate to say additional information upon request or something like that?
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#1038744 - 09/10/08 04:06 PM Re: Slimming Down Reports to Audit Comm. Zebra 15
Andy_Z Offline
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I went over the 10,000 foot view with my directors in my report, what was reviewed in the audit (briefly) and what were the violations and concerns. The full reports were provided to them so we could discuss them at their discretion. Otherwise, I hit the high points and was never criticized for that. If I wanted to spend time on an issue, I could have. That may have been part of the key to our successes.
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#1038764 - 09/10/08 04:15 PM Re: Slimming Down Reports to Audit Comm. Tesla
A_G Offline
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Originally Posted By: SkiDoo
, but management has indicated they should just get an "Executive Summary" of the report.


IMO, mangement should not be deciding what the Audit Committee does and does not see. Leave the decision up to the AC.
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#1038794 - 09/10/08 04:24 PM Re: Slimming Down Reports to Audit Comm. A_G
Tesla Offline
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OK -thanks all!
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#1038910 - 09/10/08 04:55 PM Re: Slimming Down Reports to Audit Comm. Tesla
DerrickAuditor Offline
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Joined: Mar 2008
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Our audit committee wants to see a summary version of audit and SOX findings.

I give them one report listing the audits completed, the number of high/moderate/low findings and the overall audit rating and then one report listing all of the high, moderate, and/or any repeat findings (summarized by me) and I include the management responses to these findings. During the meeting, I discuss findings that I really want them to focus on and then let them decide which findings they want more information. They do not want to see the low priority findings at all. However, for any audit rated Unsatisfactory, I give them the entire report.

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#1039137 - 09/10/08 06:37 PM Re: Slimming Down Reports to Audit Comm. DerrickAuditor
A_G Offline
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I try to send all audit reports out in advance for each member's review. We always review all high priority findings at the meetings and document in the minutes, and any other (if any) specific findings any member thinks is worth a review.
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#1040127 - 09/11/08 04:07 PM Re: Slimming Down Reports to Audit Comm. A_G
Dazed and Confused Offline
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(Insert sarcasm here) --- Why slim-down the packet? Isn't there a direct correlation between the effectiveness and quality of a packet and the size of the packet? If the audit committee packet is voluminous, then it must be good.

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