Your one-stop internal audit checklist

It’s a good idea to focus on one specific business area at a time when conducting your internal audit. Clearly defining your scope is key to success. Make a list of each activity and the functions that require review.

Whether you have a compliance tiger team in place, or individuals from other departments (such as IT) conducting your internal compliance audit, ensure everyone is ready and prepared. The key is to stay objective and independent. Remember, your audit team’s goal is to assess your organization fairly and free from any internal pressure.

Communication is a vital step in preparing for your internal audit. Make sure everybody is clear on the purpose of the audit and if they will be involved in any way.

Kickstart your internal compliance audit by meeting with management to discuss the audit process. This should be a collaborative discussion as well as a chance to address any concerns, questions, or potential problem areas.

Interview your employees to better understand your business’s processes and controls (steps within a process). By getting a clear picture from your team, you can then assess if your business practices and policies are compliant.
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Remember, every single person in your company handles personal data in some way. Testing them on areas like function knowledge, data management, and processes will help them understand the necessary steps to keep data secure.

Reviewing relevant documents (such as financial statements and tax returns) will help you assess the controls and their effectiveness. The documentation should help you get a clear understanding of your area of focus.

You’ve spoken to folks and reviewed the documents. Now it’s time to watch and learn. Watch how people work and test the controls over a time period to determine their effectiveness.

You should now conclude the audit and input your findings into a draft report. Remember to include your approach, strategy, and documents reviewed.

Write clearly and avoid it being too long so your audience feels encouraged to read it. Findings should include everything you documented, along with actionable solutions that lead to business improvement.

Proposing solutions is as important as finding problems. Both work together to ensure your organization is, and stays, compliant.

Now it’s time to take those solutions and figure out how to apply them. Creating an improvement plan will help you stay accountable and track progress.

This meeting should take place between the audit team and leadership team. The follow-up review is designed to evaluate the actions taken on your audit report over the last 6 months.

Compliance management is increasingly crucial for organizations. Your compliance team should (at least) consist of a compliance manager, data protection officer, and risk management officer.

Whether you have a compliance management tiger team or not, it’s important to ensure internal auditors feel equipped and prepared to carry out a thorough audit. Look at the Institute of Internal Auditors (IIA) for guidance on the International Professional Practices Framework (IPFF) which sets standards for internal compliance audits globally.

At some stage, your internal compliance audit will focus on your operational infrastructure. This includes the management of who comes in and out of your workplace on a daily basis–something extra important now that workplaces are getting busier. Going digital with your visitor management will help you create automated and secure procedures so you can maintain your compliance.

List departments that need regular auditing–HR, Operations, Finance, and Legal is a good start. Internal compliance audits should be done annually at the very least.

Mitigating compliance risks without disrupting your workplace experience might seem daunting. But the right technology can make it easier. It’s smart to invest in a workplace platform that allows you to balance ironclad security compliance and an amazing workplace experience.