ABSTRACT
A typical internal audit consists of a great deal of planning to understand the conditions, structures, and expectations of the area that will be reviewed. Internal audit uses the implementation deadline provided by management to determine when follow-up procedures should be conducted. During the follow-up, internal audit verifies the completion of agreed-upon management actions and determine the status of open recommendations. Follow-up is a process by which internal auditors evaluate the adequacy, effectiveness, and timeliness of actions taken by management on reported observations and recommendations, including those made by other assurance providers. The audit is not truly completed until the follow-up is performed and there is verification that the findings noted, and corrective actions agreed upon, have been implemented. The due date for audit findings depends on the risk associated with the finding. Higher risk items should have a shorter implementation date.
