Compliance Audit

Author: SRCO Business Insights | May 30, 2024

Compliance audits are essential for organizations to ensure adherence to regulatory standards, industry requirements, internal policies, and ethical practices. Here’s how we can assist your organization:

  1. Audit Planning and Scope Definition:
    • Collaborate with key stakeholders to understand regulatory requirements, industry standards, internal policies, and specific areas of compliance risk.
    • Develop a detailed audit plan outlining audit objectives, scope, audit criteria, sampling methods, testing procedures, timelines, and resource allocation.
  2. Regulatory Compliance Assessment:
    • Evaluate adherence to applicable laws, regulations, standards, contractual obligations, licensing requirements, and industry-specific guidelines relevant to your business operations.
    • Review policies, procedures, manuals, contracts, licenses, permits, certifications, and legal documents to assess compliance controls and documentation.
  3. Risk Identification and Analysis:
    • Identify and prioritize compliance risks associated with regulatory changes, operational activities, third-party relationships, data privacy, cybersecurity, financial reporting, and other critical areas.
    • Perform risk assessments, control assessments, gap analyses, and control testing to determine the effectiveness of existing compliance measures and control environment.
  4. Internal Control Evaluation:
    • Assess the design and operating effectiveness of internal controls related to compliance objectives, segregation of duties, access controls, authorization procedures, data integrity, and reporting accuracy.
    • Test key controls, perform walkthroughs, and review control documentation to validate compliance processes and identify control deficiencies or weaknesses.
  5. Data Analysis and Monitoring:
    • Utilize data analytics tools, software, and techniques to analyze large volumes of data for compliance anomalies, trends, patterns, exceptions, and potential compliance violations.
    • Implement continuous monitoring mechanisms, exception reporting, and data validation checks to proactively identify and address compliance issues in real-time.
  6. Compliance Documentation and Reporting:
    • Document audit procedures, evidence collected, compliance findings, control deficiencies, observations, and recommendations in a structured audit report.
    • Provide management and stakeholders with clear and actionable recommendations, remediation plans, control enhancements, and best practices to improve compliance posture.
  7. Training and Awareness Programs:
    • Develop and deliver compliance training programs, workshops, and awareness sessions for employees, management teams, and relevant stakeholders to promote a culture of compliance and ethical conduct.
    • Educate personnel on regulatory requirements, policy updates, reporting obligations, whistleblower protocols, data protection principles, and ethical guidelines.
  8. Follow-up and Continuous Improvement:
    • Monitor implementation of audit recommendations, remedial actions, control enhancements, policy changes, and corrective measures identified during the compliance audit.
    • Conduct follow-up reviews, post-implementation audits, and periodic assessments to track progress, measure effectiveness, and drive continuous improvement in compliance management practices.

Let’s Talk

Explore how SRCO's expertise in audit, accounting, and advisory services can empower your business. Contact us today for tailored financial insights and strategic guidance.

Address

Zeenat Bhaban (5th Floor),
41/1 Kazi Nazrul Islam Avenue,
Kawranbazar, Dhaka 1215.

Phone
+880-1880-200 222
Email
admin@srcobd.com
Social