Respective. Maximum Advance Amount to certain debtors of the Borrower shall be determined by the Bank upon the Bank’s sole discretion, subject to the Bank’s satisfaction with its evaluation on such debtor’s financial conditions.
Respective responsibilities In order to help us fulfil our annual plan of assurance work directed by the Audit Committee and fulfil our objectives under this agreement we ask that you: give timely input and agreement to the audit scope document issued to you; let us know as soon as possible if there are going to be any significant practical difficulties such as annual leave, conferences or busy periods, so we can take this into account; provide us with a suitable single point of contact to liaise with during the audit to enable effective co-ordination and co-operation; give as much information as you can in the initial planning stages so we can minimise disruption; keep Internal Audit Services informed of proposed changes and developments to existing procedures, systems, and functions so that we can take account of them during a current audit or more generally within the audit planning process; be open, approachable, and supportive during the audit review and provide full, complete and timely access to records we want to see that are relevant to individual audits; let us know of any concerns that you have so we can address them during our work and assist you in finding solutions; properly consider and respond to an Internal Audit Services draft report and recommendations within 4 weeks of receipt; implement recommendations in accordance with the agreed timescales and provide evidence of implementation to Internal Audit Services; Recommendations that are not implemented within the required timescale have to be reported to the Audit Committee, Vice Chancellor and Chief Operating Officer; complete customer satisfaction feedback at the end of each review. We will: issue a draft audit scope outlining the objectives, and method for each audit for senior management agreement; give reasonable notice of a scheduled audit and consider any significant practical difficulties raised with us; operate in accordance with the Institute of Internal Auditors International Professional Practices Framework and International Standards, HM Treasury Standards, and the HEFCE Audit Code of Practice; set out to agree realistic, practical and achievable recommendations with you to address any risk identified during our audit; arrange a closing meeting and/or issue a discussion draft report following the conclusion of our testing to inform you of our findings before the issue of a formal draft report; aim to issue you with a draft audit report 4 weeks after the co...
