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#685930 - 02/13/07 04:26 PM Escalation Process
one auditor Offline
100 Club
Joined: Apr 2004
Posts: 104

Does anyone use an escalation process for open audit issues that are not being resolved on a timely basis?
I am trying to put together a plan where different levels of managment become involved with ensuring the business owner implements an audit reccommedation within the time agreed to.

Thank you.

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#685947 - 02/13/07 04:34 PM Re: Escalation Process one auditor
A_G Offline
10K Club
Joined: Jul 2004
Posts: 18,957
We are a smaller Bank, so senior management is sometimes directly responsible to ensure audit findings get corrected so we are unable to get different levels involved.

Anyways, basically our escalation procedures include, (they were recommended as part of the audit manual by the examiner)
-IA bringing the issue to the Audit Committee and giving its professional opinion i.e., is this something that should be corrected easily?
-The right to request the responsible party to appear before the Audit Committee for an explanation
-AC approval for changes in target dates
-Listings of high priority findings presented at each Audit Committee meeting and at the Board level if the AC chair feels it necessary
-carbon copying the CEO and AC chair on all preliminary draft reports (we were at one point having trouble getting timely responses from management)

I am always looking for more ideas to add to the manual...
With the lights out, it's less dangerous.

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#686450 - 02/13/07 11:18 PM Re: Escalation Process one auditor
AnnRoy Offline
Platinum Poster
Joined: Jun 2002
Posts: 771
One Auditor:

I sent you a PM.

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