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AUDIT
RECOMMENDATION RATING SYSTEM
This
audit incorporates a rating system that has been developed to enable
the reader to determine the relative importance of the recommendations
made. The rating for each recommendation is shown directly after
each recommendation. Recommendations are rated as follows:
| Level |
Description |
| Essential |
Resolution
would help avoid a potentially critical negative impact involving
loss of material assets, reputation, critical financial information,
or ability to comply with the most important laws, policies,
or procedures.
|
| Significant |
Resolution
would help avoid a potentially significant negative impact on
the unit's assets, financial information, or ability to comply
with important laws, policies, or procedures.
|
| Useful |
Resolution
would help improve controls and avoid problems in the unit's
operations. These issues are handled verbally with the unit
audited. |
The
status of all "Essential" recommendations is determined and reported
to the Audit Committee quarterly. "Significant" and "Useful" recommendations
are followed up on during the next scheduled audit.
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