How Compliance Internal Audit Systems Ensure Regulatory Needs Are Met

Compliance internal audit procedures are very similar to those of an external audit, except that they are carried out by someone working within the organization. Now that the world has become a far more complex and litigious place, there are more regulations than ever for companies to comply with. It is not only necessary to keep within sometimes stringent regulations, it is also necessary to prove that this has been done. The result of the audit will be a report which can be submitted to the authorities to demonstrate that everything is in order.

Auditing as a profession has been part of accountancy for many years, for virtually as long as there has been business and finance. The nature of the job has changed greatly, though, as business structures have grown ever more involved and difficult to understand. There have been two other major changes alongside the growth of the business sector and the emergence of major companies, and these are the increasing bureaucracy that companies have to deal with, and the technology which is available to cope with this.

The audit which is most familiar to the layman is the financial audit, and this can easily be used to comply with financial regulations. The financial services sector is one of the most heavily regulated in most developed countries, and the penalties for breaching regulations are extremely severe. Even if the company does not operate in the financial services industry, there will still be accounting and disclosure laws which will need to be complied with. This type of audit is best carried out by someone with an accounting background, but it can be done by someone else in a smaller firm.

help with audit

There are other audits known as process audits which operate in a totally different way. It is impossible to quantify these, as processes vary so greatly from one company to another. The pertinent fact is that all processes much comply with some kind of regulation, even if this is nothing more than basic health and safety. The complexity of regulations within each industry means that this type of audit needs to be carried out by someone with inside knowledge of how that industry operates. Having the audit carried out internally, and then submitted to authority, is clearly the most effective way.

The compliance internal audit results are then submitted to the relevant regulatory authority, and assessed. The authority will need to be able to verify that the results are accurate and that the audit was genuine, so a visit to the firm will need to be made. In many cases, the verification can be carried out very quickly, and the audit passed as authentic. Only rarely will something suggest that there may be a problem, in which case there will be a deeper investigation into the compliance internal audit.

audit information

 

 



Surviving an IRS Tax Audit - Click Here



Audit Information News:

 

Billions wasted by local governments across SA - Independent Online

Independent Online

Billions wasted by local governments across SA
Independent Online
Johannesburg - South Africa's municipalities continue to bleed billions of rand in taxpayers' money on irregular and wasteful expenditure, despite local governments battling to deliver services. And the problems are the same: unskilled municipal .

and more »
..


Preparing for an OCR HIPAA Risk Assessment Audit - HealthITSecurity.com

HealthITSecurity.com

Preparing for an OCR HIPAA Risk Assessment Audit
HealthITSecurity.com
Overall, organizations should make sure they take care of the basics right up front so they don't have to do a lot of work on the back-end. EURœOrganize all of your documentation in a single file location, including protocol manuals, security manuals and .

..


Your start-up received an audit notice EUR what's next? - International Law Office

Your start-up received an audit notice EUR what's next?
International Law Office
More information about your rights with respect to statute of limitations can be found here. The agent is proposing adjustments you don't agree with EUR” what next? If you think the agent has made a mistake, you can request a meeting with the agent and .

..


Tax Software: The Basics Work, but Peace of Mind Costs Extra - New York Times

New York Times

Tax Software: The Basics Work, but Peace of Mind Costs Extra
New York Times
Trying out this year's tax-preparation software was like wandering through a bazaar: Everybody was trying to sell me something I suspected I didn't need. TurboTax pressed me to buy its MAX benefits, promising EURœtotal peace of mind.EUR H&R Block urged an .

and more »
..

Building Science & Energy Auditing Fundamentals - Buildings (press release) (blog)

Buildings (press release) (blog)

Building Science & Energy Auditing Fundamentals
Buildings (press release) (blog)
This 2-hour course provides a comprehensive overview of residential building system basics and energy auditing principles. The program begins with an introduction to the fundamental energy and science concepts that shape the performance and analysis of .

..


Cogta to aid poor performing municipalities - IMIESA

IMIESA

Cogta to aid poor performing municipalities
IMIESA
The Department of Cooperative Governance and Traditional Affairs (Cogta) is providing support to municipalities that were flagged as having performed poorly in the Auditor General's latest report. According to Cogta Minister Des Van Rooyen the .

..


Alum Rock faces credit slam after critical state audit - The Mercury News

The Mercury News

Alum Rock faces credit slam after critical state audit
The Mercury News
EURœWe need to get the basics fixed,EUR said parent Randi McMasters. EURœYou're not going to get any more money from us. People are ticked.EUR Trustee Martinez, who originally had approved the Fischer project, explained she has changed her mind. EURœI don't believe .

..


Mumbai Safety Audit: Several stations in need of desperate up-gradation - Mid-Day

Mid-Day

Mumbai Safety Audit: Several stations in need of desperate up-gradation
Mid-Day
mid-day concludes its station audit with one key observation EUR” though several stations have been upgraded, that hasn't helped. The basics are off, and that's where rlys needs to begin . but managing to come out unscathed from the melee outside the .

..


This RSS feed URL is deprecated
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news..


 

share