When a defect is found, it should be communicated to the 
development team. The defects can be communicated through 
any of the defect tracking tool or even through the excel 
spreadsheet. There are certain formats to be followed while 
communicating the status of the defects. Each and every 
organization or solution provider follows their own style 
to assign the status of defects. 

In the initial stage a defect will be marked as “New” and 
posted in the Defect tracking tool. It is the developer’s 
responsibility to change the status as “Open” or Work in 
progress (WIP).when the defect is fixed, the developer 
marks the defect as “Fixed” and sends to the testing team. 
It is the responsibility of the tester to verify the defect 
whether it is fixed and change the status as “Closed”.

reference:
http://www.sphur.com/?p=131