Group 7- Audit follow-up

Who is responsible for implementing audit recommendations? 

• Audit committee 

  
  

• External auditors

• Management of the audited entity

• Shareholders

What is the timeframe for completing the audit follow-up process?

• Within 30 days of the audit report issuance

  
  

• Within 60 days of the audit report issuance

  
  

• Within 90 days of the audit report issuance

• There is no specific timeframe

Follow-Up Policy Statements should:

• Be in writing

• Be in verbal

• Emanate from internal audit department of the organization

• does not require management of the auditee to respond in writing to the audit findings within a specified period of time.

Choose four "Material weakness" :

• Formal, senior management, external auditor & audit committee

• Senior management, external auditor, audit committee & internal audit

• External auditor, internal audit, audit committee & formal

• Formal, senior management, internal auditor & audit committee

• Formal, internal auditor, external auditor & audit committee

Follow up scheduling begins

-when ____________ ______ is confirmed by acceptance of an audit recommendation, or

-when management elects to accept the risk of ____ ____________ the recommendation.

• casual limited- detailed

• corrective action- not implementing

• appraisals discussion- critique sheet

• work- papers

What types of follow-up ? 

• risks, controls

• work, papers

• casual, limited, detailed

Documentation of the follow-up is included in the ______ ________.

• work papers

• Procedures

• Transactions memos

• Telephone

For an audit how long does the auditee have to close all findings?

• 12 months

• 60 days

• 6 months

• Immediate

The time to close all findings in an initial audit starts from...

• The opening meeting

• When all CARs have been raised in the database

• When all CAPs have been submitted to the Lead Auditor

• The closing meeting

Which of the following are reasons for IATA to carry out a verification audit?

• Significant safety events

• Failure to close all CARs in the agreed timeframe

• Reports by airlines and / or airports

• Any significant change in the GSP structure / scope