Key Audit Observations and Mitigation plans, What is audit universe etc.

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Audit universe is the scope of audit activities. Key audit observations are findings that require management attention. Mitigation plans are actions taken to address the findings.

Audit universe refers to the entire scope of audit activities, including all the processes, systems, and functions that are subject to audit.
Key audit observations are the significant findings that require management attention and action.
Mitigation plans are the actions taken to address the audit findings and reduce the risk of future occurrences.
The mitigation plans should be specific, measurable, achievable, relevant, and time-bound (SMART).
For example, if the audit observation is related to weak internal controls, the mitigation plan may include implementing stronger controls, providing training to employees, and monitoring the controls regularly.

Key Audit Observations and Mitigation plans, What is audit universe etc.

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