Getting an audit is like getting a full medical checkup, except that you are mandated to get this checkup by the government and the appropriate regulatory authorities to ensure that your organisation is in good regulatory standing while carrying out it’s functions.
As discussed previously, an audit exercise may get overwhelming for a host of many reasons, however here are some steps ensured to guarantee you a smooth sailing audit experience.
Stay Ahead of the System. Get your internal audit department up and running. You want to make sure that everything is covered on your end i.e. returns, taxes, policies, etc
Keep abreast of global best practices and evaluate regularly. Monitor what top corporations in your industry are doing right and apply these practices in your organisation.
Update your external compliance obligations as often as you can, codify as best as you can. Compliance rules are always evolving and obligations keep growing, you want to keep track of them to avoid sanctions.
Click here to download full article.