Remediation of Internal Audit Findings across Process Areas admin January 20, 2021
Remediation of Internal Audit Findings across Process Areas

Customer :

A Mining Company in the African continent.

Business Requirement :

Understand the existing Entity scoring mechanism on the following fronts:

Process Audit Findings

MIS Grading

Grading on Physical Verification of Inventory

Enable remediation mechanism for the audit findings

Enable a more robust control framework

Identified Process Challenges :

The observations identified had been classified into 3 namely:

Not Implemented

Partially Implemented

Implemented post remediation strategy

Absence of a designated Internal Audit Department to address the issues identified on timely basis

Approach and Solution Design :

Determination of RCA for observations identified.

Preparation of Robust Process wise CAT (Corrective Action Tracker) documents for observations identified with a remediation strategy.

Onsite field work support with operating items to improve the underlying control framework

Business Benefit and Result :

Improved the Entity wide scoring.

Developed process SOP’s wherever applicable for future guidance and working mechanism.

Converted majority of observations from Not implement / Partially Implement to Implemented / Partially Implemented respectively.

Process Wise CAT documents across department for way forward activities.