Thread Options
#2232237 - 03/03/20 09:24 PM Internal Audit Reports - Who gets a copy?
mnbanker09 Offline
Member
Joined: Jan 2018
Posts: 75
I'm looking for feedback from other FI's on how you handle internal audit report issuance, and who can receive or obtain a copy of an internal audit report. Currently audit reports are issued to members of audit committee, and has been identified that in some instances those reports are shared with department staff to which that audit report applies. This may include Teller Supervisors, Cash Management, Loan Administrators, etc. I believe the reports themselves remain confidential, with any findings shared with staff.

Return to Top
Audit
#2232249 - 03/03/20 10:04 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,149
Galveston, TX
Why would an internal audit be confidential? It would be a Audit Committee decision to set the parameters.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2232319 - 03/04/20 06:10 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,388
We start by issuing a final report to executive management and department management. Each of these understand this report will be presented to the Audit Committee. How is management suppose to correct issues if they do not receive a copy of the report?

Return to Top
#2232322 - 03/04/20 06:24 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,149
Galveston, TX
Well, I always started by sending executive management and department management a draft of the preliminary report, as we always required a management response to be included in the actual final report presented to the Audit Committee. From there, we created required follow-up tracking on the commitments for correction made by management for reporting at future AC meetings.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2232368 - 03/04/20 10:03 PM Re: Internal Audit Reports - Who gets a copy? rlcarey
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 315
USA
I've always provided audit reports to senior management, as well as management of whatever departments were the subject of the audit. They were free to share with their staff as they saw fit.
_________________________
CRCM, CAFP, DAD

Return to Top
#2232437 - 03/05/20 05:29 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,400
Somewhere
The final version of each report is shared with executive management, applicable department and the Audit committee.

Return to Top
#2238469 - 06/22/20 08:56 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
InFairness, CRCM Offline
Gold Star
InFairness, CRCM
Joined: Nov 2010
Posts: 456
USA
My approach has been similar to rlcarey's, except that final reports addressing regulatory issues are also shared with regulatory affairs and compliance.
_________________________
Opinions are strictly my own, and have nothing to do with my employer.

Return to Top
#2238485 - 06/23/20 01:38 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,246
On the Net
I believe part of this is infrastructure influenced but at the end of the day, who needs to know, and who is going to get any issues fixed?

I don't believe I ever went beyond a VP as VPs headed most areas and they were responsible for responses, corrective actions and to senior management. Senior management was always included when it was their area, the Audit Committee and my compliance committee. It went up to the board for information and that is part of compliance management.

As to confidentiality, ALL bank staff needs to understand that bank business is bank business, whether it be a customers balance, who is past due, or an eval report. Certainly not everyone needs to know, but they all need to know that.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#2238488 - 06/23/20 02:47 PM Re: Internal Audit Reports - Who gets a copy? mnbanker09
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,388
On more than one occasion a member of management has informed me they learned something from an audit report not over their area. These have ranged from internal controls to process improvements. All of executive management receives our final audit reports.

Return to Top

Moderator:  Andy_Z