Timeliness Guidelines
The Institute of Internal Auditors International Standards for the Professional Practice of Internal Auditing Performance Standard 2420 states that communications of engagement results “should be accurate, objective, clear, concise, constructive, complete, and timely.” In order for engagement results to be communicated timely through the exit conference and the distribution of the final report, the review process of workpapers should be completed in a timely manner.
The Lead Auditor and the Engagement Manager should review the engagement progress and workpapers on an ongoing basis throughout the planning, fieldwork, and the report phases of the engagement. For the review process to operate efficiently and effectively, periodic (weekly meetings are recommended) status update meetings should be held throughout the engagement between the Lead Auditor and the Engagement Manager (staff auditors may attend as necessary) to discuss progress, questions, concerns, potential findings and recommendations, etc. Efforts should be made to make these communications interactive and include a discussion of agenda items.
Reports should be issued within 45 days after the “end of fieldwork”. Typically, the “end of fieldwork” implies the exit conference has been held with the client and the Quality Assurance Review is complete or is in progress. An explanation should be documented in the workpaper file for report issuance over 45 days. The date of the end of fieldwork and the report issuance date should be documented in the Report Issuance Control Sheet.
It is recommended that the administrative/wrap-up processes and archival of the engagement workpaper files should be completed within 60 days after report issuance.