Compliance and Internal Audit
THE DIFFERENCE BETWEEN COMPLIANCE AND INTERNAL AUDIT
Internal Audit is a risk control function that is responsible (amongst other things) for testing the adequacy of internal control systems and recommending improvements.
Compliance assists your business in identifying risks and adapting your standard operating procedures to streamline your process and minimise potential exposure. Our job is to help you prevent any breaches which can end up costing you both time and money.
Internal Audit typically carries out its reviews ex post facto on an audit (sample and test) basis whereas the monitoring and surveillance undertaken by Compliance is typically done real-time or on a periodic basis. Keeping it safe, and providing management with useful information for ongoing growth and planning.