Compliance Assurance? Can an auditor do it?

Transitioning from internal audit to compliance assurance involves understanding the nuances of both roles and acquiring additional skills. Here are some steps and considerations:

1. Understand the Differences:

   • Internal Audit: Internal auditors focus on assessing risks, controls, and governance processes within an organisation. They provide independent and objective assurance.

   • Compliance Assurance: Compliance professionals ensure adherence to laws, regulations, and internal policies. Their focus is on specific compliance requirements.

2. Certifications and Training:

   • Consider obtaining relevant certifications:

     • IIA Award in Compliance Audit and Assurance: This course provides a framework for those working in compliance or assurance roles. It covers topics like risk assessment, control design, and compliance reporting.

     • Certified Information Systems Auditor (CISA): If you’re interested in cybersecurity compliance, CISA is valuable.

3. Expand Your Knowledge:

   • Learn about specific compliance areas relevant to your industry (e.g., financial regulations, data privacy, anti-money laundering).

   • Understand the legal and regulatory landscape affecting your organisation.

4. Collaborate with Compliance Teams:

   • Engage with compliance professionals to learn their processes, challenges, and methodologies.

   • Collaborate on joint projects to gain practical experience.

5. Develop Soft Skills:

   • Communication: Effective communication is crucial in compliance roles. You’ll interact with stakeholders, explain regulations, and ensure adherence.

   • Attention to Detail: Compliance requires meticulous attention to rules and policies.

   • Analytical Skills: Assessing compliance gaps and identifying solutions demand analytical thinking.

6. Bridge the Gap:

   • Leverage your internal audit experience:

     • Risk Assessment: Use your risk assessment skills to identify compliance risks.

     • Controls Evaluation: Evaluate controls for compliance effectiveness.

     • Reporting: Translate audit findings into actionable compliance recommendations.

7. Stay Updated:

   • Compliance requirements evolve. Stay informed about legal changes, industry standards, and best practices.

Remember, the transition involves a mindset shift from auditing processes to ensuring adherence. Embrace the challenge, build on your existing skills, and contribute to effective compliance within your organisation!