When a significant finding is noted early during a review of the accounts payable function, which next course of action is best for communicating the issue?
A.
Intern accounting management via an interim memorandum update
B.
Note the item in the workpapers for inclusion in the final audit report
C.
Call a meeting and discuss me issue with the audit committee
When a significant finding is noted early during a review of the accounts payable function, the best course of action for communicating the issue is to inform internal accounting management via an interim memorandum update. This allows for timely communication and potential early remediation actions, ensuring that management is aware of the issue and can address it promptly before the final audit report is issued.
[References:, The Institute of Internal Auditors (IIA) Standards, Internal Audit Communication and Reporting Protocols, , , ]
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