What to do when your audit report gives you a shopping list of actions

You’ve just received your internal audit report and it’s packed with recommendations. You were already stretched beyond capacity, and this shopping list of actions doesn't seem to be helping. Each recommendation is both important, and resource-intensive.

Rather than 'throwing the baby out with the bathwater' because it is all too hard, it is key to remember that:
1) The auditor’s role is to identify opportunities for improvement.
2) It is the business’s role to decide which ones to pursue, and in what order.

Rather than feeling overwhelmed or filing the report in the “too hard” folder, take time to understand where the value lies. Not every recommendation needs to be actioned immediately. Some will deliver significant impact, others may be nice-to-haves.

A critical step that is often overlooked is that if there is any uncertainty, ask the auditor.
If it isn't clear in the report, any auditor worth their salt should be able to clearly and succinctly indicate what the top three actions are and why they matter most.

Most importantly, an organisation must set clear accountabilities for delivery. A common and costly mistake is when a business invests significant resources to understand the problem and identify the solution, but fails to effectively implement the recommendations.

For more information, contact ⚡Virtus Advisory⚡.