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#1996066 - 02/13/15 07:33 PM Audit Reports
auditor42 Offline
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Joined: Jul 2013
Posts: 30
I was thinking about updating how my audit reports are done. Right now I have a page at the end of each one that the heads of that particular area sign after they read the audit saying that they understand the contents and are in agreement with the report. Is this what most people do or do you normally get department heads to sign? I have not seen this being done on the samples I have looked at. Trying to determine if this is something I should remove or not.

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#1996098 - 02/13/15 08:28 PM Re: Audit Reports auditor42
EdOils Offline
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EdOils
Joined: Jan 2004
Posts: 553
Louisiana
I do not have a signature line. The audits are addressed to the department manager with a CC to their respective executive management member. I have standard verbiage at the end of each audit that reads:

It is respectfully requested that the appropriate management official(s) issue a written response to the findings and recommendations listed above by DATE. The Audit Department requests that you respond to each comment in one of the following manners:

* I agree with the recommendations offered by the Audit Department and will implement such by (provide date of implementation).
* I disagree with the finding/recommendation made because (give specific reasons and written documentation to support your statement).
* I agree with the finding, however I offer as an alternative to the recommendation (give alternative).

By issuing their response and including that with the report to the Audit Committee, you bring both sides of the story, and you get management's buy in to the process. Additionally, the next time you audit that area, you can go back and verify that management has done what they said they would do.

I wish I could take credit for the idea, but I picked that up from a very smart auditor I worked with in my previous banking life.
Last edited by EdOils; 02/13/15 08:29 PM.
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#1996104 - 02/13/15 08:36 PM Re: Audit Reports auditor42
AudOne Offline
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AudOne
Joined: Nov 2014
Posts: 9
Texas
Our audit group used to have a signature line up until a year or so before I got here. As long as we have a response from management, there's really no need for a signature line as well.

I also email out the report to the department heads and their senior management about a week prior to formal issuance (yes, we still issue paper copies of all our reports). That gives everyone a chance to come back to us if there's anything they don't understand or have questions/concerns.

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#1996122 - 02/13/15 09:17 PM Re: Audit Reports auditor42
auditor42 Offline
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Joined: Jul 2013
Posts: 30
Edoils that is very helpful to me! Thank you both for your input. I do believe I am going to remove the signature. Maybe I will start on a few smaller ones and see how that flies first!

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#1996172 - 02/13/15 10:17 PM Re: Audit Reports auditor42
osucpa Offline
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Joined: May 2011
Posts: 1,400
I have no signature line. Each audit response is identified as who provided the response.

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#1996328 - 02/17/15 03:17 PM Re: Audit Reports auditor42
RR Jen Offline
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RR Jen
Joined: May 2003
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No signature line here either. Our reports are sent to the department manager in draft form asking if it's accurate, when they agree I ask for managements responses that then become part of the final report that goes to the department head and audit committee.

Our process is 100% electronic now, but using email/word instead of a fancy tracking system.
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#1996329 - 02/17/15 03:17 PM Re: Audit Reports osucpa
RR Jen Offline
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RR Jen
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Originally Posted By: osucpa
I have no signature line. Each audit response is identified as who provided the response.


Yep. Mine too.
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#2002772 - 03/19/15 08:48 PM Re: Audit Reports auditor42
new2audit Offline
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new2audit
Joined: Jun 2010
Posts: 10
New York
I include manager's responses in the audit report. I have two other documents that are also utilized - one is a tracking sheet of all findings that my state asked me to utilize the next time the audit comes around. The second is a signature page. The signature page has verbiage to highlight housekeeping items that are verbal during the exit process. My audit committee likes the process and finds that it has held management to a higher standard.
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#2006629 - 04/07/15 06:21 PM Re: Audit Reports auditor42
A little 2 late Offline
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Joined: Mar 2008
Posts: 6
We still require signatures from management. Management now puts their responses directly in the audit underneath the exception. This makes it easier for the Audit committee to see how management has responded. We also use a tracking for all exceptions.
I was wondering if anyone is doing exit interviews on your bigger audits with the Manager who is responsible for that area? Something like how examiners handle it. We have had a request from an area of the bank to start doing this.

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#2006642 - 04/07/15 07:28 PM Re: Audit Reports auditor42
osucpa Offline
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Joined: May 2011
Posts: 1,400
We always give each area the option of having an exit meeting. This always senior management to gain an understanding of what type of exceptions are going to appear in the report.

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#2006745 - 04/08/15 01:57 PM Re: Audit Reports auditor42
RR Jen Offline
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RR Jen
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Running and riding everywhere ...
We have short exit meetings at the end of a branch audit but that is about it. Most findings are discussed as they come up.
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