Reporting Procedures

Draft Report

Audit reports are normally prepared in draft form so they can be initially reviewed with the audit client prior to the issuance of a final audit report. Audit reports are addressed to the individual responsible for implementing corrective actions. The Associate Vice President and Chief Audit and Compliance Officer reviews the draft report with the appropriate Vice President or their designee before the final report is issued.

Management's Corrective Actions

Management’s corrective actions along with a timetable for carrying out the corrective actions are incorporated into the audit report before the report is issued. The Associate Vice President and Chief Audit and Compliance Officer provides the Audit and Compliance Committee with a summary of all audit reports and management’s corrective actions with the promised implementation dates at each Audit and Compliance Committee meeting.

Follow-up

The Associate Vice President and Chief Audit and Compliance Officer presents a status of all open audit issues to the Audit and Compliance Committee on a annual basis.