Phase 5 – Reporting and stakeholders’ presentation. This involves articulating and developing draft and final reports of the big-ticket findings, actionable recommendations, responsibilities for the implementation of the recommendations and timelines. The draft reports are discussed with the relevant key stakeholders such as the Board Audit Committee and Executive Management and feedbacks from the discussions and presentations are incorporated into the reports to form the final reports to be submitted to the different stakeholders as agreed during the project planning phase. The report for the internal assessment is often submitted to the Chief Audit Executive or Head of Internal Audit while the report of the independent external assessment is submitted to the Audit Committe or the Board Committee responsible for the internal audit function.
Phase 6 – Develop implementation roadmap. This involves discussing with the Chief Audit Executive, Chairman of the Board Audit Committe, Executive Management and other relevant stakeholders the agreed actions and time lines for benefit realizations of the quick win wins, medium and longer term solution and then putting them into the implementation road map and getting sign off from the relevant authorities.