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:

 

South Africa: Cogta Providing Support to Struggling Municipalities - AllAfrica.com

South Africa: Cogta Providing Support to Struggling Municipalities
AllAfrica.com
Cooperative Governance and Traditional Affairs Minister Des Van Rooyen says the department is providing support to municipalities that were flagged as having performed poorly in the Auditor General's latest report. . As part of consolidating the .

..


Cogta to aid poor performing municipalities - IMIESA

IMIESA

Cogta to aid poor performing municipalities
IMIESA
According to Cogta Minister Des Van Rooyen the department has a Back to Basics Programme as an overall framework and it is working with the Auditor General's office, National Treasury, provincial Cooperative Governance and provincial Treasury .

..


The five basics - Republica

Republica

The five basics
Republica
To ensure this, the Election Commission, in its Political Party Relations Draft Bill, has proposed that EURœthe parties that do not submit annual audit reports may cease to be registered with the Election CommissionEUR. The current Political Party Relation .

and more »
..


Proof Of License, Insurance Missing For Volunteers Who Drove Children In State Care - Northwest Public Radio

Northwest Public Radio

Proof Of License, Insurance Missing For Volunteers Who Drove Children In State Care
Northwest Public Radio
A driver's license and proof of insurance are two basics before getting behind the wheel. But Washington state auditors couldn't find those documents for four volunteer drivers who ferried foster youth to appointments. . In response to the audit, the .

and more »
..

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
The bathrooms at Cesar Chavez elementary school are EURœin despicable condition,EUR Gonzalez said. She was objecting to the board spending $10 million to build a Fischer Middle School multipurpose room while delaying repairs on basics like bathrooms and .

..


Billions wasted by local governments across SA - Independent Online

Independent Online

Billions wasted by local governments across SA
Independent Online
And the problems are the same: unskilled municipal officials and mayors; failure to ensure that the basics - including budgeting, cost-management and adhering to the prescribed tender processes -are done correctly; as well as a lack of accountability .

and more »
..


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
And TaxAct coaxed me with its Protection Plus audit assistance. These add-ons, of course, cost extra. Maybe the tax software companies are trying to distinguish themselves with something besides their return-preparation programs EUR” because, though the .

and more »
..


Achieving compliance in the cloud - CSO Online

Achieving compliance in the cloud
CSO Online
More and more organizations are moving toward cloud technologies for scalability, cost reduction, and new service offerings. Here's a look at cloud basics and auditing for compliance challenges.

and more »
..


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

HealthITSecurity.com

Preparing for an OCR HIPAA Risk Assessment Audit
HealthITSecurity.com
March 27, 2017 - While healthcare organizations should not panic over the idea of a potential HIPAA audit or risk assessment, they should ensure that their privacy and security measures are comprehensive and current. This will not only keep sensitive .

..


 

share