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Audit resolution is the process of identifying and resolving weaknesses found during an audit to ensure compliance with standards and guidelines. It involves reviewing findings, implementing changes, and working with other teams to improve workflow, security, and products. The person responsible for audit resolution may also act as a liaison between the company and government agencies. A post-resolution audit is scheduled to ensure optimal functioning.
An audit is the evaluation of a person, process, system, organization, project, company or product to ensure efficiency and compliance with standards and guidelines. An audit resolution is the process established to plan, implement, and monitor the resolution of any weaknesses found during an audit. Many companies employ internal auditors, but some industries, such as the financial services industry, must also undergo an external audit by an independent company. Resolution is handled by an individual or a team of individuals who are specially trained to resolve any issues and keep a business running smoothly, efficiently, and free from errors and fraud.
A person responsible for audit resolution will review audit findings, management letters, reports, and memos, and then find ways to improve or fully resolve any documented issues. This person’s duty is also to work with other teams within the company, especially management, to make sure that all work processes within the company are executed in accordance with the law and in the best interest of customers. The resolution often results in changes to policies and procedures to improve workflow, security, products, and any other items or services the company produces.
The audit resolution process includes the initial determination of a situation that needs improvement. That determination is followed by a period of information resolution and a final determination on how to facilitate improvement of the product, process or service in question. The person or team working on the audit resolution process will implement the changes independently, including implementing changes to policies or procedures, or work with others in the company to implement any necessary improvements.
A resolution specialist may also be hired to act as a liaison between the company and government officials, task forces, state agencies, and government agencies. These specialists make sure that the company is working within all the requirements, regulations, and guidelines for the industry. An audit resolution clerk will also assist co-workers and other company employees in ensuring that they follow all procedures and policies to keep the company free of error and fraudulent activity. Some audit departments are tasked with both performing the audit and taking responsibility for audit resolution based on the results of the audit process.
Some companies view the person in charge of the audit resolution function as the leader in ensuring that all audit findings are remedied in a timely and accurate manner. If this person is unable to make systematic or procedural changes on their own to fix problems found during the audit process, they will work with those in the company who can. Audit resolution also includes scheduling a post-resolution audit to ensure that all issues, issues, and weaknesses have been resolved and are now working optimally.
Smart Asset.
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