Audit Finding Review & Action Plan Discussion
Management reviews initial findings from an internal or external audit, discusses potential risks, and outlines an action plan to address identified non-compliance issues or weaknesses.
Dialogue
Listen and follow along with the conversation
Vocabulary
Essential words and phrases from the dialogue
audit findings
Results or discoveries from an official check of a company's records and processes, often identifying problems or areas for improvement. Useful in business meetings to discuss reviews.
non-compliance
Failure to follow rules or regulations set by authorities. Common in compliance discussions to describe violations that could lead to penalties.
high-risk
Describing something that has a high chance of causing serious problems if not fixed. Used in professional settings to prioritize urgent issues.
action plan
A detailed list of steps to solve a problem or achieve a goal, including timelines and responsibilities. Essential for business planning and follow-ups.
implement
To put a plan or idea into action. Often used in work contexts when starting new systems or changes.
overseeing
Watching over or managing a project to ensure it goes well. Refers to a supervisory role in teams.
coordinate
To organize people or activities to work together smoothly. Useful for scheduling and team collaboration.
reputational damage
Harm to a company's public image or trust from customers. Important in discussions about risks to business standing.
Key Sentences
Important phrases to remember and practice
Let's get straight into the audit findings.
This sentence means starting a meeting directly on the main topic without delay. It's useful for efficient business discussions; the phrase 'get straight into' shows directness, and it's polite yet firm for leading meetings.
Could you walk us through the significant issues identified?
Asking someone to explain something step by step. 'Walk us through' is an idiom for guiding through details; great for presentations or reviews, using polite 'could you' for requests in professional settings.
The primary concern revolves around the lack of consistent documentation.
Describing the main problem, which centers on inconsistent records. 'Revolves around' means focuses on; useful for summarizing issues clearly, with 'lack of' showing absence, common in reports.
What are the potential implications if we don't address this promptly?
Inquiring about possible consequences if not fixed quickly. 'Potential implications' means likely effects; 'promptly' means soon. Helpful for risk discussions, using conditional 'if' for hypotheticals.
We need a robust action plan.
Stating the need for a strong, effective plan to fix issues. 'Robust' means solid and reliable; this imperative sentence is direct and useful for emphasizing urgency in team meetings.
I'd propose James to take the lead on this.
Suggesting someone to be in charge. 'Take the lead' means to direct or manage; 'I'd propose' is a polite way to recommend. Ideal for assigning roles in collaborative work.
Let's aim to have it finalized and approved by end of next week.
Setting a target for completion and agreement by a deadline. 'Aim to' means plan to; useful for timelines in projects, with 'finalized' meaning completed and 'approved' meaning officially okayed.
We'll set up a follow-up meeting for next Tuesday.
Planning a future meeting to check progress. 'Set up' means arrange; 'follow-up' refers to subsequent review. Common for ongoing business processes, using future 'will' for commitments.