* Housekeeping Finding:
Minor audit findings normally in the control environment. Solutions of identified shortcomings may lead to improvement of quality and /or efficiency of the organisational entity or process. The risks are normally limited.
** Significant Findings:
Serious findings that may lead to substantial financial loss or loss of control over the organizational entity or processes, or serious reputation damages, including violation of corporate strategies, policies and values or non-compliance with any statutory requirement such as an Act of Parliament. These findings require urgent Management attention.
*** Repeat
Findings:
Audit findings that were reported in a previous audit that are not yet corrected.
Lufuno
Senior Internal Auditor: Rand water
South Africa
-----Original Message-----
From: Shellabarger, Katie [mailto:[EMAIL PROTECTED]
Sent: 06 March 2003 21:50
To: [EMAIL PROTECTED]
Subject: Audit Report - Priority of RecommendationsDoes anyone include in their audit reports a priority of its findings and recommendations (i.e. 1 being the highest priority (you must change this now!) and 3 the lowest (you should probably change this, but if you don't get to it immediately it's ok). If so, would anyone be willing to share their definitions?KatieKatie Shellabarger, C.P.ADirector of Internal AuditClark/Bardes ConsultingThe Clark/Bardes Building102 S. Wynstone Park DriveNorth Barrington, IL 60010847-594-6207 direct847-620-2348 faxNYSE: CBC
