How do you prioritize and track operational audit issues?

1 Identify the root causes and risks

Before you can prioritize and track your audit issues, you need to understand the root causes and risks behind them. A root cause analysis can help you identify the underlying factors that led to the audit findings, such as gaps in policies, procedures, controls, or training. A risk assessment can help you evaluate the potential impact and likelihood of the audit issues on your business objectives, reputation, and compliance. By conducting a root cause analysis and a risk assessment, you can classify your audit issues according to their severity and urgency.

2 Assign roles and responsibilities

Once you have classified your audit issues, you need to assign roles and responsibilities for resolving them. You should involve the relevant process owners, managers, and staff who are accountable for the audit areas and have the authority and resources to implement corrective actions. You should also communicate clearly the expectations, timelines, and deliverables for each audit issue. You can use a RACI matrix (responsible, accountable, consulted, informed) to define and document the roles and responsibilities of each stakeholder.

3 Monitor and report progress

After you have assigned roles and responsibilities, you need to monitor and report the progress of your audit issues. You should establish a regular follow-up mechanism, such as meetings, emails, or dashboards, to track the status, milestones, and challenges of each audit issue. You should also report the progress to the senior management, the audit committee, and the external auditors, as appropriate. You should highlight any deviations, delays, or difficulties that may affect the resolution of the audit issues and propose solutions or escalations.

5 Learn and improve

The last step of prioritizing and tracking your audit issues is to learn and improve from the experience. You should identify the lessons learned and best practices from the audit process and share them with your team and organization. You should also update your policies, procedures, controls, and training to reflect the changes and improvements made. By learning and improving from your audit issues, you can enhance your operational planning and execution and prevent future audit problems.