Stage 3 – Reporting
Issuing of the report
A draft audit report is issued, taking into account any revisions resulting from the closure meeting at the fieldwork stage.
The report is issued to the key University contact for a formal response to the report. The response should explain how the recommendation will be implemented, by whom and within what timescale.
The final report is then issued to the key University contact for the audit, the Registrar and Secretary, Deputy and the Director of Finance and Audit Committee.
The timetable for issuing of the draft and final report, and for the receipt of management responses is incorporated within the Internal Audit Charter.
Consideration of the report by Audit Committee
All internal audit reports are considered at Audit Committee meetings, usually once the relevant audit contact has agreed the management responses and an action plan for implementation.
It is expected that where a department or function disagrees with internal audit’s findings and/or rejects a recommendation, the report will carry a clear explanation of the reasons for this.
Audit Committee uses its reviews of internal audit reports to inform the opinion it is required to give each year to Council on the adequacy and effectiveness of our arrangements for risk management, control and governance and for economy, efficiency and effectiveness (value for money).
In some cases, the Head of Department or function that has been audited will be invited to attend the Audit Committee meeting that is reviewing the report. An invitation is automatically issued where the audit leads to the most serious recommendations. The Audit Committee may also decide to issue an invitation where a report contains a large number of high and/or medium risk classifications.
The purpose of the meeting is two-fold:
- to give the Head of Department or function an opportunity to put forward their view on the audit to the Committee
- to give the Committee an opportunity to explore the report and recommendations, and any management reservations about them, with the department or function concerned
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Director of Finance