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Internal Audit & Consulting Services

Internal Audit vs. Institutional Compliance

 

flow chart comparing Internal Audit to Institutional Compliance. Top of flow chart on left side, Internal Audit,Validates Management’s Implementation of Internal Controls to ensure Transactions are Properly Processed and Procedures are in place to ensure Compliance, (arrow down to) Internal Audit Identifies Issues, (arrow down branches left and ends with) Department Management Implements Procedures, (arrow down branches right to) Institutional Issues, (arrow down to) Compliance Devises Plan in Coordination with Management to Achieve Compliance (linked to right side of chart by brackets, Evaluates: Current Policies and Procedures, Specialized Training for Employees, and Management’s Development of Internal Controls or Procedures to Monitor Compliance). Right side of flow chart, Institutional Compliance, Receives Information from Internal/External Audits, New Regulations, Management Concerns, Publicity Items, etc., (arrow down to) Current Policies and Procedures, (arrow down to) Specialized Training for Employees, (arrown down to) Management’s Development of Internal Controls or Procedures to Monitor Compliance, (arrow down to) Compliance Office Evaluates Proposed Policies and Procedures, Specialized Training Programs, and Monitoring Plans by Testing and Reviewing Processes and Transactions, (arrow down to) Achievement of Compliance, (arrow down to) Systems Validated by Internal Audit