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Auditing

Audit

A systematic, independent, documented process for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria are fulfilled.

What is Audit?

An audit offers risk management and evaluates the effectiveness of a company's internal controls, governance, and processes. Internal audits provide management and board of directors with a value-added service where flaws in a process may be caught and corrected prior to external audits.

The role of audit is to provide independent assurance that an organization’s risk management, governance and processes are operating effectively. Typically, this is the board of directors or the board of trustees, the audit manager or the audit committee.

In order to achieve these objectives an internal control framework needs to be applied and followed throughout the organization. The five components of the internal control framework are control environment, risk assessment, control activities, information and communication, and monitoring.

Types of Audits

1st Party

By Organization on itself

2nd Party

By Customers on Suppliers

3rd Party

By Independent Agency

Internal Audit Types

  • Compliance Audits
  • Operational Audits
  • Construction Audits
  • Integrated Audits
  • Information Systems (IS) Audits
  • Special Investigations
  • Special Investigations

There are four main phases to an internal audit: Preparation, Performance, Reporting, and Follow Up. The first two of these phases can be broken down into a series of smaller steps.

Second Party Audit

A second-party audit is when an organization with a pre-existing relationship, such as a customer performs an audit of a supplier to ensure that they are meeting the requirements, such as those specified in their contract.

These requirements may include special control over certain processes, requirements for pollution prevention or compliance evaluation, requirements for specific documentation, or any other requirements that are of special interest to that customer.

These audits can be done on-site by reviewing the processes or even off-site by reviewing documents submitted by the supplier. The customer can audit all or parts of the contract depending on the needs of the customer. It is important to understand that a second-party audit is between the customer and the supplier.

Even if you are certified by a third-party audit, your customers may still want to perform a second-party audit to look at elements of their contract, especially if these elements are not the same.

Typical Second Party Audits

  • Supplier Audit
  • Contract Audit
  • Compliance Audit
  • Due-Diligence Audit
  • External Interested Party Audit

Gap Audit

A gap analysis is mainly a determination of the degree of conformance of your organization to the requirements of a specification or standard. A gap analysis is mainly a document review or a “show me the evidence” activity, evidence which usually will come in the form of a record or document.

The gap analysis will identify the 'gaps', allowing you to produce a more accurate project plan for filling those gaps.

A gap analysis is a survey - often using a checklist - which determines the differences (gaps) between an organization's current business systems and the requirements of controlling criteria, such as standards like ISO 9001:2015. It is geared towards ISO 9001, but can also be applied to ISO 14001, 45001, 27001 etc.

Performing a Gap Analysis:

  • Analyze the current state. See if your business has a strategic plan.
  • Determine where you want to be. Think about how your organization is doing today and where you want it to be after a reasonable period.
  • Identify the gaps.
  • Device strategies to close the gaps.

What Are the Five Phases of a Gap Analysis?

  • Phase 1 – Planning

    A few of the things you can sort out at this phase include determining the content in your gap analysis questionnaire and deciding on the format.

  • Phase 2 – Retrieve and Review Background Information

    Gather and prepare the following information and company assets to help establish your organization’s intent for service management activities:

    ●   Existing policies and process descriptions

    ●   Service files, correspondence and other documentation

    ●   Process flowcharts, graphs and other visual representations

    ●   Roles and responsibilities

    ●   Process outputs

    ●   Service activities and plans

    ●   Service level agreements and associated reports

    ●   Any additional applicable information to help to garner the most accurate results

  • Phase 3 – Conduct Interviews with All Stakeholders

    Stakeholders include existing service owners, process owners, service managers, process managers, and anyone else deemed a stakeholder in or regarding the organization.
    The interviews are based on the questionnaire your team developed-whether an in-house team or a professional consulting team-in Phase 1.

  • Phase 4 – Draft Gap Analysis for Review

    This phase gives you the chance to review information and take additional steps to meet your goals if anything is missing.

  • Phase 5 – Complete Final Deliverables in a Formal Report

    In your report, note all findings and make final documentation notes to your formal report, providing short, medium, and long-term recommendations for future goals. Once conducting a formal gap analysis review meeting, you can officially close your gap analysis project so your team can begin working to achieve the noted goals.

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