Audit CAP Sample Clauses

An Audit CAP (Corrective Action Plan) clause establishes the requirement for an organization to develop and implement a plan to address deficiencies or non-compliance issues identified during an audit. Typically, this clause outlines the process for creating the plan, including timelines for submission, approval, and completion of corrective actions, and may specify ongoing monitoring or reporting obligations. By mandating a structured response to audit findings, the Audit CAP clause ensures that issues are systematically resolved, thereby improving compliance and reducing the risk of repeated violations.
Audit CAP. Audit CAP is available for Qualified Plans, 403(b) Plans, SEPs and SIMPLE IRA Plans for correction of all failures found on examination that have not been corrected in accordance with SCP or VCP.
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Audit CAP. Audit CAP is available for correction of all failures found on examination that have not been corrected in accordance with SCP or VCP.
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Related to Audit CAP

  • Audit Controls a. System Security Review. CONTRACTOR must ensure audit control mechanisms that record and examine system activity are in place. All systems processing and/or storing PHI COUNTY discloses to CONTRACTOR or CONTRACTOR creates, receives, maintains, or transmits on behalf of COUNTY must have at least an annual system risk assessment/security review which provides assurance that administrative, physical, and technical controls are functioning effectively and providing adequate levels of protection. Reviews should include vulnerability scanning tools.

  • Audit Results If an audit by a Party determines that an overpayment or an underpayment has occurred, a notice of such overpayment or underpayment shall be given to the other Party together with those records from the audit which support such determination.