I completely agree with you.
Internal Audits are to make sure that we are all on the right sot at all times.
The plan(whichever it is) was put into place to protect the student and the institution. Our job, in compliance, is to just follow it! Follow which ever action plan is instituted.
First it should include problems encountered that resulted in the issue in hand. Next, it should detail what will be done to correct the issue and who (person or department responsible) and when will it take place (timeframe). It should also include actions to be taken so that the issue will not happen again.
Sergio,
The "what, who, and when" approach to corrective action plans is right on track.
Traci Lee
Naji,
This is a very solid approach. I also encourage assigning clear ownership of the follow up tasks for each action item within the plan.
Traci Lee
A Corrective Action Plan should include a summary of each finding. In relation to each finding, there needs to be a description of how the immediate issue will be resolved (if possible). Next would be a description of checks and balances which will be implemented to prevent the issue from reoccurring. These checks and balances would need to be both realistic for the department employees and effective at resolving the finding.
Is important to identify the findings and arrange an action plan. Every department has to be involved.
Hi Traci
I would make a copy of the audit findings and create an action plan around each item listed that needed to be improved or corrected. I would answer each finding with a risk analysis-what happened, how did it happen, what can be done to prevent it from happening again, and possibly how to change or improve to eliminate the risk.
Technology is rapidly changing and what a company does must keep up. A company also needs to audit to find better and more efficient ways to do business to streamline and improve service. Budgeting is the first step in success, and auditing should also look for ways to increase profits.
I am not familiar with the audit process, but I would hope there are ways to discuss what is required to be corrected if the company can come up with something new or innovative to correct a problem.
There can only be one person to lead. There should also be cooperation among all the members of the leader's team.
Sandra
sandra,
I like your comments on the risk analysis - to find out the "how" it happened to develop preventive measures in the future.
Traci Lee
After the audit the department in question would have to sit down and asked why the findings? Once you have figured out what the findings were and why they happened then you can develop a plan of corrective action. In past audits we were cited for over/under Pell payments. Financial aid sat down with the registrar and developed a worksheet that the registrar could give the FA officer to inform them of what classes the student was taking during a payment period and this seemed to eliminate that issue the next audit. Recently we missed our 90/10 requirements so this year we have a excel spread sheet that the auditors were kind enough to build for us so we can monitor the 90/10 on a weekly basis instead of just doing it at the end of our year. Just these little steps have improved our audit outcomes.
Darlene,
Agreed that the more frequently regulatory guidelines are monitored, the easier to manage overall. You bring up weekly monitoring for 90/10 and I have also heard more and more schools trying to manage their Direct Loan reconciliation on a more frequent basis than the monthly monitoring outlined in the regulations. This seems more important to schools with frequent term starts but the same concept applies that it is easier to do in small increments versus having a longer period of transactions to reconcile.
Traci Lee
After completion, the team should create an action plan to correct findings and begin to ensure a process is in place to not repeat. The response thereafter after should include a clear and concise plan with benchmarks and timeframes. Finally, the team should collaboratively do internal audits to ensure the process is efficient and effective moving forward.
It Should include :
1. Acknoledgment of finding
2. Action plan
3. Proof of correction
4. Explanation of changes being incorporated to prevent similar future findings.
it should include the acknowledgement of the findings. The plan to correct this problem and how to prevent the finding from occuring again.
The results of the audit including dates, time, person conducting the audit etc. More importantly what can I do to fix any problems if found. Do I need to delegate or hire new people. Also if I'm doing anything right can I do it better?
Amman ,
Great points - I like the comment about identifying if additional resources are needed as that could be key to ensuring appropriate changes are made.
Traci Lee
I like how you used the term, "the team." At our campus, we take a team approach to develop the corrective action plans. As a team, we go over each finding, identify corrective plans of action, set benchmarks and deadlines, and assign a responsible party for each task. Our campus leadership team then meets regularly to review the progress made for each item identified in the action plan. It is truly a team approach.
Susan,
I suspect he meant the same type of team composition - I am thrilled to see so many comments that reference using a team approach as I have seen too many cases where the burden of responsibility was heavily on a single individual, minimizing the likelihood of successful execution of the corrective actions.
Traci Lee
I would want to see an explanation showing an understanding of the finding, what we are going to do to correct and proof of correction, explanation of changes being incorporated to prevent similar future findings.
Acknowledgment of the finding, personnel in charge of the corrective plan, the corrective plan, timeframe, plan to avoid this kind of finding, plan to improve
