Why should we wish to measure the performance of our Compliance Audit Process?

Essentially for 2 reasons

1/ The first is that we have an organisational obligation to ensure both regulatory and organisation compliance and of course there is a cost for this – so the question becomes is the organisation receiving value for money?

2/ The second is because there is a cost associated lets call it a return on investment – if we invest more will we return more- without a measure we will not be able to understand this.

The Internal Audit function was predominantly existing as a mandatory process to ensure and demonstrate compliance is also able to focus on improving business performance and add value by supporting strategic business objectives.

Management communication of the various shortfalls related to the audit findings should be strong and consistent and to be demonstrated to have a contributory impact on a culture of compliance within an organization