The following terminology and scale are to be used for the Controls Assessments: Impact on Colour Category Definition Guidance Business Follow-up Objectives None, or a few Low and/or Medium rated findings are reported which indicate that a The expectation No follow-up “once-off” rather than process or is that the is required by Controls Less than three system structural entity will the next level Acceptable Medium findings. weaknesses is present meet its of or that general Business management. enhancement of the Objectives. controls, process or system framework is not needed. The next level Some Medium and / of or one or more High management rated findings are should be Controls reported which 1-2 High findings advised of Need indicate a weakness or 3-or-more and review Improvement in key controls / Medium findings. the actions barriers or in a part of The being taken to the process or system expectation enhance the structural framework. is that the framework. entity will Three or more High The next level not meet all and/or one or more of its Business Serious rated findings management Objectives. are reported Any Serious should Controls indicating failures in finding or monitor the Need Major key controls / barriers High Improvement or across a significant findings. of agreed part of the process or actions/ system structural framework. Table 4: Controls assessments color coding Conduct Closing Presentation to the Auditee that includes, as a minimum: Terms of Reference Summary of Audit findings and ratings Risk area Control Acceptability Actions expected from the Auditee Prepare Audit Report The Audit Lead shall prepare the Audit report from the audit team inputs. As a minimum the Audit report shall contain: Terms of Reference Audit findings Significance of findings Recommendations
The following terminology and scale are to be used for the Controls Assessments: Colour Category Definition Guidance Impact on Business Objectives Follow-up Controls Acceptable None, or a few Low and/or Medium rated findings are reported which indicate that a “once-off” rather than process or system structural weaknesses is present or that general enhancement of the controls, process or system framework is not needed. Less than three Medium findings. The expectation is that the entity will meet its Business Objectives. No follow-up is required by the next level of management. Controls Need Improvement Some Medium and / or one or more High rated findings are reported which indicate a weakness in key controls / barriers or in a part of the process or system structural framework. 1-2 High findings or 3-or-more Medium findings. The expectation is that the entity will not meet all its Business Objectives. The next level of management should be advised of and review the actions being taken to enhance the framework. Controls Need Major Improvement Three or more High and/or one or more Serious rated findings are reported indicating failures in key controls / barriers or across a significant part of the process or system structural framework. Any Serious finding or High findings. The next level of management should monitor the of agreed actions/ Table 4: Controls assessments color coding Conduct Closing Presentation to the Auditee that includes, as a minimum: Terms of Reference Summary of Audit findings and ratings Risk area Control Acceptability Actions expected from the Auditee Prepare Audit Report The Audit Lead shall prepare the Audit report from the audit team inputs. As a minimum the Audit report shall contain: Terms of Reference Audit findings Significance of findings Recommendations
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