The internal audit activity of an insurance company is reviewing six of the company’s 11...

Communicate immediately to the relevant regulatory agency the information regarding the company's control breaches along with details of recommended corrective actions to address the issue.

Complete the branch reviews, ensure that the issue and impact are adequately detailed in the audit report, hold an exit meeting to discuss the issue with branch management, and provide recommendations for corrective actions.

Have a discussion with branch management on the matter and recommend in an interim audit report that management take appropriate corrective action in order to address the current identified issues.

Expand the audit to include the branches that were not previously selected and determine whether there are similar control breaches at those branches prior to compiling a comprehensive audit report and reporting the issue to senior management and the board.