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White Paper : Techniques To Get The Best Out Of Your Risk Based Internal Audit

We all are aware of the fact that quality is the continual process that evolves as your business organization ebbs and flows. Having the processes placed in the right track helping you monitor the continual improvement and make some good decisions based on the information that is crucial enough for your business.

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As the economic times have been changing businesses today need to be fluid and responsive enough to varying the demand markets. This also involves the reviewing of your business realizing that the things may not have to be done because they have always been doing them that way. So instead take out the time and opportunity to ensure that your process is adding some value to your business organization.

One of the best ways the business organizations could accomplish this is through the review of the standard operating procedures and work instructions on a continous basis through an internal audit. Risk based internal audit benefits the business organizations by taking time reviewing what they are doing and why they are doing it with all the necessary changes that are required. In the entire process the business organizations have been documenting the activity of demonstrating to an external auditor and customers who are following the policies and practices that have been established by the best at what they have been doing.

Internal audits have been one of the best ways for the other team members within the organizations to get familiar with how each and every department actually works and discovers the best practices that could be shared across the various business organizations. The agendas for risk based internal audit would include the reviewing of the job descriptions, the training records, and the various processes to ensure what they are doing and what they say they are doing following the industry standards.

In order to guide the risk based internal auditors of our business organizations given below are one of the best practices followed by business organizations.

* Responding back to all the parties involved and developing plans for some better improvement.

* Identifying and reviewing the different process associated with the areas for a review by the Risk Based Internal Audit Team.

* Reviewing the correct actions in order to ensure that they have been completed.

* Developing and generating questions that need to be presented in front of the department from the information that is gleaned from the above.

Business organizations along with their team members have set the internal audit schedule which initates the automated work flow in a business organization. This initiated work flow contains the information of who is actually responsible enough for the entire process of internal audit and also provides the links to previous audits of the area, the high use procedures and other applicable notes providing the continuity.

Remember a systematic approach for the Internal audits has many benefits including helping the members of your business organizations to develop the best procedures for their departments and set the expectations of continual improvement through the entire organizations.

 

About the Author

Fadi Al-Khati, Manager at CAREWeb has BA degree in Accounting, and he is a Certified Operational Risk Executive. He has more than three years practical experience in the field of risk based internal audit in one of the biggest banks in Jordan Before joining Grant Thornton in 2008 as a Senior Consultant, where he has conducted audit assignments in several companies, branches and business units.

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