Effectively managing internal control for business systems is a top priority in order to prevent risks, stop fraud, keep a company secure – and experience clean, cost-effective audits.
As the CTO of a security and compliance solutions company, I know companies fear audits – or more aptly, they fear failing them. They also tend to dread auditors, wrongly seeing the audit process as a breath-holding point in time when security controls have to be vetted and proved and risk levels assessed rather than understanding that the activities that lead to a sound audit should be happening all year long.
Given the business liabilities that accompany failed audits – or worse, a case of fraud or an internal breach of sensitive information – responsible professionals should do everything possible to be continuously compliant and ensure internal controls systems are functioning properly. Audits reveal weaknesses and ensure that a business has all the bases covered. Think of them as an added layer of protection.
What, then, are some of the leading causes of failed audits, and how do you avoid these costly mistakes? Here are four tips for achieving clean internal control audits.