31 Days to a More Effective Compliance Program - The compliance audit

Thomas Fox
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One clear best practices to gauge the compliance culture and evaluate the strength of controls, is to conduct periodic audits to ensure that controls are functioning well. Auditing is a more limited review that targets a specific business component, region or market sector during a timeframe to uncover and/or evaluate certain risks, particularly as seen in financial records. However, you should not assume that because your company conducts audits that it is effectively monitoring. In other words, the protocol is simple, everyone See more +
One clear best practices to gauge the compliance culture and evaluate the strength of controls, is to conduct periodic audits to ensure that controls are functioning well. Auditing is a more limited review that targets a specific business component, region or market sector during a timeframe to uncover and/or evaluate certain risks, particularly as seen in financial records. However, you should not assume that because your company conducts audits that it is effectively monitoring. In other words, the protocol is simple, everyone understands you need to audit, but try and cut costs or corners and you will pay for it in the long run.

Three key takeaways:

1. Auditing takes a deep dive into your high-risk compliance areas.

2. Internal audit should test your key compliance risk areas as a part of their regular auditor rotation.

3. The findings uncovered in an audit must be used in your compliance regime going forward. 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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