Auditors are often asked to use compliance or IT frameworks, such as HIPAA, PCI, or SOC 2 as the basis for the audit they’re completing. Leveraging this content helps to inform their audit without having to reinvent the wheel. Managing these policies and standards is one important element of audit policies and standards. The other side of the coin involves the policies and standards that auditors use to keep their program running smoothly. How will they conduct the audit? Who can and cannot be involved? What must their process include from start to finish? This governance activity is another way that audit policies and standards come into play at an organization.
Audits help to keep your business in line with best practices so that it can continually improve. When you miss things, you can’t improve. Failing to keep your Internal Audit team running smoothly and consistently using policies and standards puts your organization at risk of sacrificing success. What if they miss something important during an audit? That problem, challenge, gap or risk could be the root cause of a disaster down the line. Having a formalized process for helping Internal Audit stay in line with policies and standards, as well as ensuring that others are following the policies and standards they’ve set to help them do their job, prevents human error and ultimately, the manifestation of risks or stunted business growth.