I was wondering if other people were using a Corrective Action Follow up Grid in reporting to the Audit Committee? If so, would you share what your grid consists of, how it works, how much do you list on it, how frequently you update it, etc? Also do you believe it is helping you?

Thanks

Requests are mine not my employer

We're in the process of changing our audit follow-up reporting, to just identify the department and the status on the items. I bring to committee the details, but I don't provide it to the members unless they specifically ask, except for any issues that are past due, those they get to see. The purpose was to reduce the paper they have to go through and hopefully shorten the meetings.

I'll e-mail you my grid. It's by department, not necessarily audit.

Thank you. I think I maybe listing too much on my grid. It is taking forever.

Also do you keep the items on there until they clear up? If so, what do you do if they are not taken care of?

Michelle,

Would you mind e-mailing your grid to me as well?

Thanks

We do submit our audit findings chart monthly at the end of each audit committee meeting. It includes recommendations from previous audits and their status. It briefly describes the recommendation, person responsible for implementing the recommendation, their response (summary), the target resolution date, and the status. Once an item is considered resolved, it's status is identified as such and then is not included in the next month's report. Audit committee members appreciate this report to determine where there is a delay in implementing recommendations and why. Our examiners (FDIC) also require this be reported to the A/C and require documentation that it was presented and reviewed in the audit committee meeting minutes. When presenting it, we only discuss items past their scheduled resolution date or problem items and then it does not take up too much time.

I have a sample grid which I can e-mail to you if I like--the OCC thought it was a good tool and we have used it since 2000. Do I ask you for you address or do it through this web page? My e-mail is sriley@fnbl.com