Findings from the payments audit are either remediated or formally risk-accepted. What should Internal Audit do to finish the engagement?
Select an answer to reveal the explanation.
Short Explanation
Closing an engagement is like signing off a building inspection once every punch-list item is fixed or formally waived. Verify remediation or accepted risk, then close. Leaving it open forever or shredding the papers isn’t closure.
Full Explanation
Engagement closure follows verification that findings are remediated or that residual risk has been accepted through the appropriate process. Closing documents the end of that audit cycle while preserving evidence. Indefinite open engagements, handing the engagement to control owners, or deleting working papers early are not proper closure practice.