The results of the audit including dates, time, person conducting the audit etc. More importantly what can I do to fix any problems if found. Do I need to delegate or hire new people. Also if I'm doing anything right can I do it better?
it should include the acknowledgement of the findings. The plan to correct this problem and how to prevent the finding from occuring again.
It Should include :
1. Acknoledgment of finding
2. Action plan
3. Proof of correction
4. Explanation of changes being incorporated to prevent similar future findings.
After completion, the team should create an action plan to correct findings and begin to ensure a process is in place to not repeat. The response thereafter after should include a clear and concise plan with benchmarks and timeframes. Finally, the team should collaboratively do internal audits to ensure the process is efficient and effective moving forward.
Darlene,
Agreed that the more frequently regulatory guidelines are monitored, the easier to manage overall. You bring up weekly monitoring for 90/10 and I have also heard more and more schools trying to manage their Direct Loan reconciliation on a more frequent basis than the monthly monitoring outlined in the regulations. This seems more important to schools with frequent term starts but the same concept applies that it is easier to do in small increments versus having a longer period of transactions to reconcile.
Traci Lee
After the audit the department in question would have to sit down and asked why the findings? Once you have figured out what the findings were and why they happened then you can develop a plan of corrective action. In past audits we were cited for over/under Pell payments. Financial aid sat down with the registrar and developed a worksheet that the registrar could give the FA officer to inform them of what classes the student was taking during a payment period and this seemed to eliminate that issue the next audit. Recently we missed our 90/10 requirements so this year we have a excel spread sheet that the auditors were kind enough to build for us so we can monitor the 90/10 on a weekly basis instead of just doing it at the end of our year. Just these little steps have improved our audit outcomes.
sandra,
I like your comments on the risk analysis - to find out the "how" it happened to develop preventive measures in the future.
Traci Lee
Hi Traci
I would make a copy of the audit findings and create an action plan around each item listed that needed to be improved or corrected. I would answer each finding with a risk analysis-what happened, how did it happen, what can be done to prevent it from happening again, and possibly how to change or improve to eliminate the risk.
Technology is rapidly changing and what a company does must keep up. A company also needs to audit to find better and more efficient ways to do business to streamline and improve service. Budgeting is the first step in success, and auditing should also look for ways to increase profits.
I am not familiar with the audit process, but I would hope there are ways to discuss what is required to be corrected if the company can come up with something new or innovative to correct a problem.
There can only be one person to lead. There should also be cooperation among all the members of the leader's team.
Sandra
Is important to identify the findings and arrange an action plan. Every department has to be involved.
A Corrective Action Plan should include a summary of each finding. In relation to each finding, there needs to be a description of how the immediate issue will be resolved (if possible). Next would be a description of checks and balances which will be implemented to prevent the issue from reoccurring. These checks and balances would need to be both realistic for the department employees and effective at resolving the finding.
Naji,
This is a very solid approach. I also encourage assigning clear ownership of the follow up tasks for each action item within the plan.
Traci Lee
Sergio,
The "what, who, and when" approach to corrective action plans is right on track.
Traci Lee
First it should include problems encountered that resulted in the issue in hand. Next, it should detail what will be done to correct the issue and who (person or department responsible) and when will it take place (timeframe). It should also include actions to be taken so that the issue will not happen again.
The plan(whichever it is) was put into place to protect the student and the institution. Our job, in compliance, is to just follow it! Follow which ever action plan is instituted.
I completely agree with you.
Internal Audits are to make sure that we are all on the right sot at all times.
In order to submit a corrective action plan in response to audit findings, I will ask the six investigative elements;the six (w's), What,Where,When,Who,Why and How.I will follow these elements to correct this problem and come up with a plan on how to prevent the finding from occurring again.
Mabel,
I think you are right on the "sometimes" comment as it depends on the circumstance and evaluator. Sometimes more is better but, in some cases, "less is more" as additional detail can further confuse things. With some complexity of processes and methodology, it can be difficult for someone outside the organization to fully understand every situation during an audit. Most auditors provide an opportunity to clarify on items they see as "potential findings" which can help a school determine when more is needed vs. when the initial information provided is sufficient.
Traci Lee
The corrective action plan should include as much detail as possible to support the issue. I had a circumstance where we did not meet the criteria in an audit but we were in compliance. More information in the initial report would have eliminated not being in compliance. I am a minimalist when it comes to writing. My lesson – give them everything I can think of. More is better, sometimes.
The plan should include anything that must be done with regard to the specific items identified with a timeline of completion as well as a plan for how to ensure that the process will be modified to prevent future violations. This is what we use to do in our school.
Kelly,
Repeat findings are problematic for schools and an effective process with corrective action planning, including subsequent monitoring and validation of problem rectification should mitigate the risk of these recurring problems.
Traci Lee
