Introduction
A compliance audit is an important step in ensuring your organization operates within the law and clients’ requirements. For the best possible outcome, you should do all that you can to prepare for it beforehand.
In order to write a Compliance Audit Report in Canada, a company must know the industry-specific procedures, laws, and regulations. It is advisable to call in consultants from Nabu Pro who will provide you with an overview of the internal and external compliance challenges.
This blog post provides information about how to prepare for a compliance audit, including the different types of documents and information you need to provide, as well as which variables you need to be mindful about.
Industry Regulations and Standards
To comply with your industry regulations and standards, you need to keep track of a variety of documents, training, and memos. This way, you can keep track of all of them separately. It’s important to be able to isolate regulatory requirements to have a clear idea of where you might be vulnerable.
To make the compliance audit easier for everyone, make sure you have an agreed-upon code that managers, employees, and auditors can all understand. Codes help give you more clarity throughout the process.
On your checklist, keep track of approved documents, trainings, memos, and their validity window. The validity window ensures no approved regulatory requirement is forgotten, as it reminds you inside which time period items should be completed by all employees within the company or the department.
Identification of Regulatory Obligations
Your compliance report must include proof that you comply with regulations. But before being able to create your compliance report, you must identify the compliance procedures that meet industry regulations and standards. The best way to do this is to segment your company into groups that have similar compliance requirements.
With the Nabu Pro platform, we are able to take a look at these different groups and see which employees have met regulatory requirements. By segmenting regulatory compliance by groups, it’s easier to focus on what needs to be done.
In identifying regulatory obligations, there are several points of view you can take. The best compliance audit process is the one where multiple points of view can be adopted. For example, you may choose to look at the requirement type (e.g., memo, training, document), the training type, or the employee group. Why is that? It’s because it allows quick identification of at-risk areas.
Compliance Audit Management Software
To reduce the risk of regulatory fines, you need to follow all regulatory procedures by making sure all employees have fulfilled their duties. In addition to your checklist, you should use an audit management software such as Nabu Pro. Nabu Pro allows you to upload all your trainings, documents, and memos and set up reminders and notifications for automatic compliance tacking.
The key to ensuring compliance with regulations is to always be a step ahead. An audit management software keeps track, in real-time, of met and unmet compliance requirements. It also allows you to monitor status updates and deadlines. By centralizing and automating the compliance audit process, audit management software reduces the risks of fines.
Compliance audits are something we must deal with in regulated industries, but that’s not what we’re here to do in the first place. As such, it only makes sense to simplify and automate it as much as possible. Especially since technology allows us to do so, we need to delegate as much of the compliance audit process to systems that are better than we are at remembering deadlines and requirements. That’s why an audit management software is a lifesaver as far as audit compliance goes.
Nabu Pro is the best and simplest audit management software available to you.
