What are the consequences where repeat findings are identified within the 12 month implementation period?

For firmwide findings, where findings are identified on issues that have already been raised by IAASA in the preceding 12 months, no action will be taken. This is because the relevant areas would be assessed again in either a follow up visit or as part of a full inspection after the 12 month implementation period. If, following the 12 month implementation period, repeat findings are identified, the severity indicator assigned to the finding would be elevated and a more robust recommendation would be required. This response is not generally applicable to individual audit inspection findings except in the rare circumstance where the same audit is selected for a second inspection within 12 months.