The Relevance of Monitoring Outstanding Audit Issues and Findings in the Development Bank of the Philippines

This research described the relevance of monitoring outstanding audit issues and findings in the Development Bank of the Philippines. It identified several factors contributing to these issues based on responses from participants. First, the study revealed that the presence of dependencies with other units or external parties is the primary factor leading to unresolved audit issues. Second, change management and personnel issues were also found to be substantial contributors. Organizational culture, while noteworthy, ranked third among the factors. Interestingly, the research found that the current monitoring process using the audit management system is generally satisfactory, with an average rating of 8, indicating overall contentment among respondents. Finally, the study investigated effective mechanisms for tracking the progress of resolving audit findings. Periodic progress reports and updates emerged as the most favored approach, followed by escalation processes and automated notifications. These findings provide valuable insights into the factors contributing to unresolved audit issues and suggest practical strategies for improving the audit resolution process.