Internal audit and compliance are both very essential functions in an organization. In recent years, Compliance and Internal Audit have risen in importance, both signifying critical control components of an organization’s structure. However, Compliance and Audit serve two very different roles in an organization.
First, compliance is meant to regularly verify that the company is complying with all applicable laws, rules and regulations, as well as internal codes of conduct, policies and procedures.
Second, internal audit function is designed to monitor and evaluate the company’s internal control environment as to its adequacy, efficiency and effectiveness.
Therefore, compliance function is fundamentally operational. That is, it is used to look at the present and towards the future to confirm that all activities are within the bounds of the prevailing regulatory requirements and company policy. As well as current processes and procedures are documented and followed.
Internal Audit function is fundamentally assurance. That is, it is the verification that all activities, both past and present, are being carried out in accordance to written policy and procedure.
Netwerk Guardian has a seasoned staff to assist, supplement or assume the roles of Compliance and Internal Audit.