REPORTING PROCEDURES

Draft Report

Audit reports are normally prepared in draft form in order that they may be initially reviewed with the auditee prior to the issuance of a final audit report. The Chief Audit Executive reviews the draft report with the appropriate Vice Presidents or their designee.

Corrective Action Response

The auditee is required to submit a written corrective action response to Internal Audit within twenty working days from the audit report date. The response is included in the final audit report submitted to the Audit & Compliance Committee of the Board of Trustees and states the corrective action proposed and/or taken, including a timetable for carrying out the corrective actions.

Follow-up

At periodic meetings, Internal Audit will present a status report concerning implementation of the corrective actions recommended by Internal Audit.