In this part we tell the definition of issue status and definition of raiting

Most commonly three type of issue rating is used

1) High

2) Medium

3) Low

And there are three type of Report raiting

1) Strong Control Environment

2) Meets Company Standards:

3) Requires Improvement:

4) Requires Significant Improvement:

Definition of all is given below.

Issues Rating
High:	A significant business issue or a significant weakness in control over a key risk to the business, which requires the immediate attention of the management and priority action for resolution.
Medium:	A business issue or control weakness which requires the timely attention of the management, but which on its own, is unlikely to affect the adequacy and/or effectiveness of controls over key risks.
Low:	A business issue or control weakness which has a low business risk impact.
Report Rating
Strong Control Environment:	Our procedures identified no significant findings related to the design or operating effectiveness of the internal controls.
Meets Company Standards:	Our procedures identified a few findings related to the design and/or operating effectiveness of internal controls. Although none of these findings, either individually or in the aggregate, indicate significant weaknesses in internal controls, Management should address these findings to further strengthen the system of internal controls.
Requires Improvement:	Our procedures identified several findings related to the design and/or operating effectiveness of internal controls. Although significant control weaknesses were noted in a number of areas or less significant weaknesses exist over the entire control environment, compensating controls exist where weaknesses were noted.  Management should address these findings to further strengthen the system of internal controls.
Requires Significant Improvement:	Based on our procedures, control design does not appropriately mitigate specific identified risks or numerous exceptions were noted in our testing indicating that controls were not functioning as designed.  These findings represent significant weaknesses in controls. Management should take immediate action to address these findings by instituting new control procedures or modifying existing procedures.

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