Welcome back to “Compliance Matters” and a big hello to all new readers. The Compliance Lab team hopes that you and your business has had an amazing month. We are excited to provide you with updates and upcoming opportunities that are relevant to your business.
Quote of the Month
“Strive for continuous improvement, instead of perfection.” Kim Collins
Did you know
An audit is “a systematic, independent, and documented process, for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled.” In other words, making sure that what is going on in practice is in line with policies, processes and procedures.
Internal auditing provides insight into an organization’s culture, policies, procedures, and aids management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations.
Internal audit schedules are developed with risk-based thinking, each industry and business carry different risk elements. Prior audit results should also be considered when planning the audit schedule in addition to considering the status and importance of the areas to be audited, ie: some areas may require greater attention than others depending on how important they are to the organization.
Some of the key benefits of internal audits include:
- Improves the management of internal control within the organisation
- Identifies gaps and areas for improvement that can be used in internal strategic planning
- Enable the business to become process-dependent rather than person-dependent
- Identifies inefficiencies in operational activities and provides action plan/recommendation to improve the overall efficacy of procedures
- Serves as an Early Warning System, enabling deficiencies to be identified and re-mediated on a timely basis (i.e. before external, regulatory or compliance audits)
- Increases accountability within the organisation
- Satisfies the requirement of ISO management system standards.
Compliance Lab can help organisations with managing their internal audits and we provide an independent review to auditing and improving processes.