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Survive an Impending Audit

Razor thin margin for error, high stakes.

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Contributors

  • Glen Notman, Associate Partner, Citihub
  • Tony Noblett, SVP CISO, Urban Lending Solutions 
  • Heriot Prentice, Director of Technology Operations Review, Brown & Brown 
  • Carter Cameron-Huff, Consultant, Enterprise Risk Services, MNP LLP

Your Challenge

  • Impending audits intimidate CIOs and business executives – and for good reason.
  • A failed audit can result in punitive fines and injunctions that disrupt continuing operations until violations are resolved.
  • These highly visible failures are best prevented through auditor-enterprise collaboration and pragmatic audit management.

Our Advice

Critical Insight

  • Shift the audit paradigm: auditors need to be enabled, not resisted.
  • Auditors provide a value-added service that you are paying for. Establishing an effective relationship and enabling the audit team can ensure you get value from the engagement. However, you must also be vigilant in mitigating the risk of damaging findings.

Impact and Result

  • Effective audit management means acting with kindness to establish an effective relationship and taking vigilant, calculated steps to reduce the risk of adverse findings.
    • Clarify the audit scope and prepare documentation in advance.
    • Start off on a positive note and enable the auditor.
    • Manage audit logistics to minimize business disruption.
    • Dispute unwarranted findings.
    • Continuously improve your auditability.

Research & Tools

1. Prepare staff and management

Plan for a productive audit that will benefit the organization. 

2. Conduct the audit

Ensure business continuity and mitigate the risk of damaging findings.

3. Manage post-audit activities

Improve the organization's ability to handle future audits.

Guided Implementations

This guided implementation is a three call advisory process.

Guided Implementation #1 - Prepare for the audit

Call #1 - Discuss resource requirements and preparedness for your next audit

Guided Implementation #2 - Conduct the audit

Call #1 - Discuss confirmed audit scope and roles and responsibilities

Guided Implementation #3 - Manage post-audit activities

Call #1 - Discuss the validity of the findings and calculate compliance cost savings

Onsite Workshop

Discuss This Workshop

Book Your Workshop

Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.

Module 1: Audit Scoping

The Purpose

  • Determine audit team.
  • Identify audit scoping plan.

Key Benefits Achieved

  • Clear definitions of team member roles and responsibilities. 
  • Proper audit scoping.

Activities

Outputs

1.1

Define audit roles and responsibilities

  • Defined roles and responsibilities
1.2

Develop audit scoping email

  • Completed audit scoping email

Module 2: Audit Preparation

The Purpose

  • Gather required documentation.
  • Prepare facilities and staff.

Key Benefits Achieved

  • Prepared documentation.
  • Prepared facilities and staff.

Activities

Outputs

2.1

Documentation gathering

  • List of required documentation
2.2

Facilities walkthrough and review

  • List of facilities requirements
2.3

Staff prep tactics

  • List of tactics for dealing with the auditor

Module 3: Post Audit

The Purpose

  • Clarify and remit findings

Key Benefits Achieved

  • Downgraded findings
  • Clarified recommendations

Activities

Outputs

3.1

Review auditor report

3.2

Draft follow-up email

  • Follow-up email to auditors