After the Audit

Closing Conference

The closing conference marks the official completion of the audit fieldwork. The meeting is used to provide auditee and management with an understanding of the results of the audit and the findings to be reported. During this meeting, the auditor will go over the work papers with the auditee and answer any questions (s)he may have. The closing conference serves as a final review and discussion of the audit report and management responses to audit comments. The auditor incorporates the management responses in the audit report.

What to consider during the closing conference:

1. Discuss all the issues included in the draft audit report that are questionable or for which the auditee can provide additional information or data that were not provided during the audit fieldwork and may lead to change the finding disclosure.
2. The meeting is held as a final affirmation that the audit findings are free of material misstatements and/or errors, and it accurately reflects operational conditions.
3. This is the auditee opportunity to provide the auditor with additional evidence or information which may lead to change the findings disclosure.
4. Indicate to the auditee the process of distribution of the final audit report.
5. Discuss the audit follow-up procedure.
6. Ensure auditee and management understands their responsibilities of implementing the recommended corrective action, and responding to the audit findings.

Executive Conference

The Auditor holds the executive conference with the executive members under whom the audited area resides after the closing conference is conducted. Depending on the audited area organizational reporting channels, the executive members who will be invited to attend an executive conference may be a combination of any of the following positions:

1. Executive Vice President
2. Vice President
3. Associate Vice President
4. Dean
5. Director
   

The executive conference is held as a final affirmation that the audit recommendations are accepted, and if adopted as recommended, will contribute to solve the situation disclosed in the audit findings.

Final Audit Report

The final audit report is the final version of the draft audit report discussed with the management of the audited area and the executive members under whom the audited area resides. The final audit report includes all the necessary adjustments the Auditor approved during the closing and the executive conferences. The President is the recipient of the final audit report.