Flash Report (Preliminary Oral Briefing)
Definition
An interim communication to the audit committee or board during an active investigation, before the formal written report is ready. Used when the findings require immediate action. Should be followed by a written summary to create a contemporaneous record.
- Audience
- Audit committee or board
- Timing
- During an active investigation, before the formal report
- Trigger
- Findings requiring immediate action
- Follow-up
- Written summary for a contemporaneous record
Common questions
Why not wait for the formal written report before briefing the board?+
Some findings, such as ongoing fraud or a control failure exposing the organisation to further loss, require action before the full investigation and report can be completed, so a flash report lets leadership act on preliminary findings without waiting weeks or months.
Why does a flash report need a written follow-up even though it was delivered orally?+
An oral-only briefing leaves no contemporaneous record of what was communicated and when, which weakens the organisation's position if the timeline of disclosure and response is later scrutinised in litigation or regulatory review.
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