Management Summary

Once a final Examination Report has been released upon the conclusion of an audit, then the remediation process begins (if a regulatory examination then as soon as the audit findings has been copied and pasted into the Audit Point form). Normally an Action Plan has already been prepared by the auditee (see Action Plan form discussed previously) and included in the Examination Report. Subsequent to the release of the final Examination Report the auditee will be responsible for periodically updating management with the status of the remediation process.

There are four intertwined dates:

 “For Status Report” (or meeting) date – This is the date when the audit committee will meet to review the status of audit and examination points. This is usually based on a pre-established frequency throughout the calendar year. These dates are established in AuditAlert along with the applicable “notify auditee date,” which is the date that AuditAlert will provide advance email notice to the auditee (if the auditee has an outstanding Audit Point as of the notify date) that they are to update the management summary section of the Audit Point in AuditAlert Web before the conclusion of the “finalize by” date.
 “Finalize By” (by auditees ) date – This is the last day that a management summary for an outstanding Audit Point can be updated for inclusion in the Audit Point Status Report for that particular audit committee meeting date.
 Report Distribution Date - This is the date that the Audit Point Status Report is automatically distributed via email to the audit committee. This is normally distributed a few days before the meeting date.
 The management summaries are archived in chronological date order and listed in the CURRENT & PAST SUMMARIES table at the bottom of the form. A snapshot of the management summary that was pulled into the Audit Point Status Report generated for audit committee review is included in the table.

A management summary can be emailed to any staff member at any point for comments or as an FYI by using the “Optional – Send email copy to” field.

The “For Status Report” drop-down list of dates is populated from General Setup where the frequency and applicable dates are selected by the auditor, which indicates when audit committee meets during the year to review the outstanding audit and examination points. The audit staff, with appropriate permissions, can change the dates in case a meeting is changed.

The reports generated by AuditAlert look to the management summary for the formal response, not the dialog containing responses and comments in the Responses form.