31 Days to a More Effective Compliance Program - Internal audit and continuous improvement

Thomas Fox
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Next, we consider how the internal audit (IA) function can be used to facilitate more effective continuous improvement. According to the Institute of Internal Auditors’ own definition, internal audit is “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance See more +
Next, we consider how the internal audit (IA) function can be used to facilitate more effective continuous improvement. According to the Institute of Internal Auditors’ own definition, internal audit is “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

Three key takeaways:

1. Internal audit can be used to provide continuous improvement to and for compliance.

2. Internal audit can also fill a gatekeeper role in your compliance regime.

3. Compliance should leverage IA resources and professionals, on audit techniques and analysis of internal controls. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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