We anticipate the following activities and timeline to accomplish our internal audit plan, which may be amended from time to time (if need be) to address any emerging high-risk issues identified:
| Internal Audit Activity | Proposed Timing |
|---|---|
| Initial Risk Assessment and Proposed Audit Plan | May – June |
| Documentation and testing of key internal controls | May–October |
| Drafting report of observations and recommendations | September–November |
| Follow-up on status of any findings from external audit | November–January |
| Fixed assets observations | October – May |
| Written and verbal reports to management and Audit Committee | Ongoing and each Board meeting |
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