What should auditors do if a regulatory examination was conducted in the past 12 months?

When a regulatory examination has been conducted within the past 12 months, it is essential for auditors to validate the plan for addressing regulatory findings. This involves reviewing any corrective actions or mitigation strategies that were put in place as a result of the examination.

Validating this plan is crucial because it ensures that the organization is effectively responding to any identified deficiencies. It provides an opportunity for auditors to assess whether the compliance efforts are adequate and whether the organization has properly implemented the recommendations from the regulatory examination. This approach helps maintain compliance, minimizes regulatory risks, and demonstrates due diligence to stakeholders and regulators.

In summary, instead of dismissing the findings or rescheduling the audit, validating the addressing plan allows auditors to effectively monitor and enhance the organization's compliance framework in light of recent regulatory scrutiny.