Updated: Oct 20, 2019
Prior to conducting a Findings and Actions Workshop with the business and key audit stakeholders, its important to make sure all components of the audit have been covered, workpapers have been reviewed, and preliminary issues have been discussed to make sure they are reasonable, or not mitigated by other items from across the business. Because of this it is important that there is a Team Wrap Up Meeting.
The purpose of the Team Wrap Up Meeting is to:
Discuss the Potential Issues List. This list should have been kept up to date throughout the audit and will become central to discussions with the business during the Findings and Action Workshop, and the final report;
Determine what extra work needs to be performed (if any); and
Plan for the Findings and Actions Workshop.
This meeting provides the opportunity for the audit team to come together and ensure the a good quality audit has been completed which considers all the necessary risks Additionally, by having the correct audit team members (Directors, Heads of, etc) present in the Team Wrap Up Meeting, we are able to better understand the broader business impacts of our audit observations. For instance, a finding identified through fieldwork may be mitigated by a control or process performed elsewhere in the business which may have been accidentally overlooked, or the team was simply unaware of. This meeting also gives the opportunity to make sure our work considers the company strategy, or any larger business changes which may not currently be known to people outside of senior leadership teams. Whilst all of this may not change your audit observations, it will help the audit team to provide better context and have more meaningful discussions during the Findings and Actions Workshop.
Aside from making sure we have delivered a quality audit, this Team Wrap Up Meeting will help ensure there are no awkward moments or last minute surprises when the audit team is conducting the Findings and Actions workshop.
As good auditors, its not done unless its documented, and therefore, good audit practice means you should document your meeting minutes.
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