What does the term "CAPs" in auditing typically refer to?

The term "CAPs" in auditing typically refers to Corrective Action Plans. These are crucial tools used within the auditing process to address and rectify identified deficiencies, non-conformities, or areas for improvement that have been highlighted during the audit. A Corrective Action Plan outlines the specific steps that need to be taken to correct the identified issues, along with timelines for implementation and responsible parties.

By having a structured approach through a CAP, organizations can ensure that they not only resolve the current issues but also put in place measures to prevent recurrence in the future. This fosters continuous improvement within the organization’s processes and enhances overall audit readiness and compliance.

Other choices provide related concepts but do not accurately embody what "CAPs" stands for in the context of auditing. For example, Corporate Accountability Processes and Compliance Assurance Protocols relate to governance and regulatory adherence but are not commonly condensed into the acronym CAP. Capital Asset Procedures, while important for asset management and accounting, do not pertain to the corrective measures that CAPs are intended to address.