In addition to our Internal Audit Charter which is a general overview of roles and responsibilities we have an "Agreement" between management and the Supervisory Committee which is more procedural in nature. We are re-negotiating some of these procedures.
We issue a preliminary audit report which the responsible VP and VP Risk Management review and discuss and let us know if they have any comments, questions, concerns etc. We would like to stipulate in our agreement a time frame for their review (management wants no time-frame)
Currently, after management gets back to us after preliminary report review, we issue a final report and management has 12 business days to give us a formal written response. Management wants 20 days.
Do you have any time stipulations or agreements with management on responding to reports (preliminary or final) and what are they?
