7.5.2 Fraud Reporting
a. The chief audit executive is responsible for fraud reporting. It consists of the various oral or written, interim, or final communications to management or the board regarding the status and results of fraud investigations.
1) A formal communication may be issued at the conclusion of the investigation that includes time fames, observations, conclusion, resolution, and corrective action to improve controls.
2) It may need to be written in manner that provides confidentiality for some of the people involved.
3) The needs of the board and management, legal requirements, and policies and procedures should be considered.