Enterprise GRC Audits

Enterprise GRC Audits

  1. Overview

Stringent corporate governance, and accountability reforms, that followed the corporate failures of the past, have dramatically changed today’s business environment – placing great responsibility on the management and demanding seamless operations. Organizations across the globe are constantly being challenged to navigate through a proliferation of new standards and expectations in a way that supports performance objectives, sustains value, and protects the organization’s brand. Whether we like it or not, all corporations have to comply with regulations and at the same time establish their credibility with investors, other stakeholders, and the broader public.

All these factors, brought together, have fuelled the convergence of distinct, yet entwined disciplines of the Governance, Risk, and Compliance (GRC). GRC requires a common framework for all types of audits – financial, risk, operations, internal, suppliers, and compliance -such that auditing priorities are determined by a enterprise-level risk-based approach and not departmental and tactical imperatives.

Companies, specially with complex auditing requirements that span not just financial audits but also audits, assessments and inspections related to operations, quality, safety, suppliers and IT are upgrading the technology infrastructure used to carry out auditing – from risk assessments and audit universe creating and planning to audit data collection, reporting and remediation. Companies are migrating from their legacy systems, point applications and paper-based procedures to a web-based integrated audit management system

  1. Approach

Seven Step Consulting GRC auditors help you evolve a properly structured internal audit function, impacting not just regulatory compliance but also operational excellence -which is being actively sought in today’s business environment.  In fact the traditional work of the internal audit function – operations, systems, fraud investigations, and special project audit work – has taken a back seat to the more pressing needs of regulatory compliance as well as business process optimization. Seven Step Consulting GRC auditors help you in.

  • Planning :ideveloping a specific audit strategy that is capable of addressing key organizational and emerging risks
  • Performance: execution of the audit plan viz. Perform audits, record findings and recommendations
  • Completion: evaluate the audit performance at the final & Report the audit results to the management.
  • Close out of corrective actions
  • Evaluation: Implement remediation and corrective action

Our goal is to provide a beneficial service to each of our clients by identifying inefficiencies and control weaknesses and recommending ways to correct them.  Our evaluations are objective and professional.

  1. Benefits
  • Create audit programs and schedules, manage resources
  • Manage audit work papers, checklists, templates
  • Track time, status and costs
  • Summarize and present audit reports
  • Improvement of internal processes and technologies
  • Adherence to governmental regulations Clarifying certain specific requirements of the standard.
  1. Deliverables

The key deliverables include:

  • GRC Compliance Audit Report : A detailed report on GRC compliance and gaps identified
  • Improvement Roadmap: A comprehensive document on closing the gaps and improving the existing processes.
  • Supporting evidence and letters
  • Audit charter/methodology document


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