Operational audit is a method of assessing a company’s operational efficiency and performance. The results of the review and recommendations for improvements will be given to management for action when Operational Auditing is completed. It indicates that the internal auditors examine aspects other than financial controls, such as operations. Its main goal is to improve the Organization’s day-to-day operations and control mechanisms. Operational auditing will aid in the detection of non-conformities in procedure execution. It will assist management in taking corrective measures.
There is no statutory compliance for a business to undertake an operational audit. When management wants to assess the firm’s operational efficiency and effectiveness, they conduct an operational audit. It aids management in increasing the cost-effectiveness of financial processes that rely on financial statements.
Roles and Responsibilities
The CEO and/or General Manager have major responsibility for managing day-to-day operations. However, the Process Owner/Line Manager in charge of that process or operation will be responsible for each specific function or process covered by Operational Audit.
The auditor is capable of appraisal activities in a programme of operational auditing, with specific reference to the following aspects:
Reporting and Discussion
Management should find the reports to be quite helpful and accommodating. The operational Audit report details the observations, the auditor’s suggestions for the reported observations, management actions, the process owner’s responsibilities, and the goal date for the observation’s closure. This report should be thoroughly addressed with management and the process owner in order to assist managers in evaluating and analysing the existing efficacy of a company’s operations as well as finding opportunities for development.
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