There should be adequate procedures and controls in place to monitor and validate that your management commits to and acts on internal audit recommendations. However, the internal auditor is the one who determines whether the desired outcome was achieved and your management’s actions were enough to resolve the finding. No real improvements occur as a result of recommendations, so internal audit comes off as not adding value to the organization.įrom an internal audit perspective, it’s your management’s responsibility to ensure internal audit findings are adequately resolved. If findings are not addressed and appropriately resolved by management, and there is inadequate follow-up, the internal audit activity could be perceived as irrelevant. Why it’s so important to resolve findings Monitoring the resolution of internal audit findings and recommendations should be included in your organization’s internal audit plan, and it should be thought of as a significant control step in any internal audit activity. The Institute of Internal Auditors (IIA) standards state, “The chief audit executive must establish and maintain a system to monitor the disposition of results communicated to management.” The 2022 AGM appointed KPMG Oy Ab, a corporation of authorised public accountants accredited by the Central Chamber of Commerce in Finland, as the Company's auditor for the financial year 2022, with Anders Lundin, Authorised Public Accountant, acting as the principal auditor.įees to the external auditor for the statutory audit services totalled €874,991 and for audit related and other services €16,012 in total €891,003 for the year 2022.Do you have a system that monitors how internal audit findings are resolved? Auditors of these subsidiary companies report directly to the legal unit they have audited, submitting a copy of each report to the Group's financial administration for inclusion in the Company's audit log. In co-operation with the auditor, the corporate management organises the audit of the Group's subsidiary companies, as required by applicable local legislation. The external auditor must be a corporation of authorised public accountants accredited by the Central Chamber of Commerce of Finland.
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