An Issue Tracker or Action Plan tool is essential in internal audit to monitor whether audit findings are resolved appropriately and timely. It transforms audit observations into actionable tasks, assigns responsibilities, sets deadlines, and keeps the audit function accountable. These tools also foster transparency and support continuous improvement by ensuring no critical issue slips through the cracks after an audit ends.<\/p>\n
A well-designed issue tracker:<\/p>\n
Records audit findings, associated risks, and recommendations.<\/p>\n<\/li>\n
Tracks responsible parties and deadlines.<\/p>\n<\/li>\n
Flags overdue items.<\/p>\n<\/li>\n
Supports reporting to executive management and the audit committee.<\/p>\n<\/li>\n<\/ul>\n
Suggested Template<\/strong> Unique Issue ID<\/p>\n<\/li>\n Description of the Finding<\/p>\n<\/li>\n Risk Rating (Low\/Medium\/High)<\/p>\n<\/li>\n Root Cause<\/p>\n<\/li>\n Recommendation<\/p>\n<\/li>\n Responsible Owner<\/p>\n<\/li>\n Target Date<\/p>\n<\/li>\n Status (Open, In Progress, Closed)<\/p>\n<\/li>\n Follow-Up Notes<\/p>\n<\/li>\n<\/ul>\n Practical Application: ACME Example<\/strong> Auren created the issue tracker to help Aven coordinate progress. The tracker included:<\/p>\n ISS-001<\/strong>: No approval workflow for expense claims (High risk). Aven began working with the ERP team to configure automated approvals.<\/p>\n<\/li>\n ISS-002<\/strong>: Outdated access rights in the finance system (Medium risk). Liora agreed to initiate a quarterly user review but had yet to start.<\/p>\n<\/li>\n ISS-003<\/strong>: No formal backup process for critical data (High risk). The IT Manager had begun sourcing a vendor and evaluating options.<\/p>\n<\/li>\n<\/ul>\n During a mid-quarter check-in, Auren used the issue tracker to follow up on each item. The color-coded status column (green = closed, yellow = in progress, red = overdue) made it easy for the team to assess overall resolution health. Auren compiled a one-page status report from this tracker to present to Liora and the Audit Committee.<\/p>\n This simple but effective template provided:<\/p>\n Accountability with named owners.<\/p>\n<\/li>\n Audit readiness documentation.<\/p>\n<\/li>\n Timely reminders for follow-up actions.<\/p>\n<\/li>\n Clear, structured communication with leadership.<\/p>\n<\/li>\n<\/ul>\n Upon reading the Disclaimer<\/a>, a reader may click the link below to\u00a0Download the Template:<\/strong><\/p>\n
A practical format for an issue tracker is a Microsoft Excel spreadsheet, which can later be automated using tools like SharePoint, Power BI, or audit management software. For Excel-based tracking, the template should include:<\/p>\n\n
At ACME Corporation, Internal Auditor Auren completed a general controls audit and raised three key findings. CEO Liora emphasized the need for improved follow-up to demonstrate responsiveness to audit outcomes. Project Manager Aven was assigned to lead the remediation efforts.<\/p>\n\n
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