White Paper - Auditing Your Entity’s Compliance Framework

Whitepaper

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Author

Bruce Turner AM

CRMA, CGAP, CISA, CFE, PFIIA, FFin, FFA, FIPA, FIML, MAICD, JP

Date

2022

Topics Explored

Compliance

Format

White Paper

Extract/Description

An effective compliance framework is a critical element of good governance. Given that almost nine out of ten executives across the world believe that reputation risk is the most important strategic risk, it is essential for the compliance framework to be factored into internal audit planning.

Key Points

Compliance continues to be a primary concern for the boards and senior management of most entities.

There are numerous layers of compliance obligations within entities.

Internal auditors should adopt a structured risk based approach to auditing compliance.

Internal audit of compliance must consider all those parts of the organisation with compliance responsibilities.