The Corrective Action Plan Template covers material weakness, investigation assigned to, corrective action to be taken, and more. As the audit results are discussed, if a qualified or adverse opinion is given, the CFO should list the identified material weaknesses in column “A” of form AC1040-1 CORRECTIVE ACTION PLAN. The External Auditor and the CFO should agree on a tentative time frame for the company’s response, subject to the Auditor’s formal report.

The CFO should delegate the investigation of potential corrective actions, noting the delegate in column “B” of the Corrective Action Plan. The Committee should ensure that the process owner and investigator are notified in writing. The investigator should determine the appropriate corrective action(s), estimate the resources needed and a target date for completing corrective actions, and list this information in columns “C” through “E” of the Corrective Action Plan Template, respectively.

Corrective Action Plan Template Details

Pages: 01
Words: 23
Format: Microsoft Word 2013 (.docx)
Language: English
Manual: Finance
Category: Internal Controls
Procedure: External Audit Procedure AC1040
Type: Form