Great managements continuously find ways to improve workflows in their organisation / department / project; and they often look towards internal auditors to do so.
An internal audit is a data-based study into internal processes and internal controls, with a goal to find opportunities for improvement. This meticulous approach can be applied to any department or project, or even to the entire organisation.
Typically, it entails the following:
- Understanding and modelling various processes
- Assessing compliance programs
- Identifying key risk indicators (KRIs), and creating a mechanism to track them
- Discovering abnormalities, and checking for errors and/or frauds
- Unveiling risk management issues
- Create a consolidated risk and controls assurance plan
- Educating stakeholders on risk management