16.4.4 Engagement Close-Out and Report Preparation

(Last Modified on January 30, 2024)

At the conclusion of the engagement, the engagement team will prepare a draft report that details the engagement executive summary, background, issue ratings (for assurance engagements), engagement observations, and recommendations. This draft report will be shared with the client’s management prior to conducting a formal exit conference.

At the exit conference, the engagement team will review the draft report with management, focusing on ratings, observations and recommendations with specific emphasis on areas where improvement is needed. Disagreements should be resolved to the extent possible before final engagement closure. For any issues or observations noted, management provides corrective action plans and/or final responses in writing within 15 working days after the exit conference. If management fails to respond, that will be noted in the final report.

After the exit conference, the engagement team will prepare a final report, taking into account any revisions resulting from the exit conference and other discussions. When changes have been reviewed by ICA and/or CAO, along with an evaluation of the client’s written responses for inclusion in the final report, the report will be issued.

The CAO’s approval is required for release of all internal audit reports performed by OIAEC system office personnel. Institutional engagement reports will be approved for release by the ICA, but a copy must also be submitted to the CAO. All material issues are summarized for reporting to the IARC Committee.