Maintaining lean, mean and auditing machines is important in any financial institution regardless of its size. These are best practices which have to be implemented because they have some advantages for directors in the organization. Some of these advantages include:
Directors need to stay close to the business at all times to ensure best practices. They have to be more involved and get closer to the staff. This is why a lean, mean and auditing machine is important. This ensures that they can tailor internal audit protocols to ensure that the needs of clients are met. In the long term, the advantage of more involvement is that an excellent reputation can be built and maintained.
Internal audits are not offered in isolation of particular departments, levels or functions in an organization. The big picture here is that auditing across the whole organization makes directors deal with everyone in the organization. The best practice of using lean, mean and auditing machines is thought of as a means of motivating the staff, directors and auditors to work together.
Scheduling, budgeting and other administrative tasks which involve hectic best practices become simplified. Furthermore, lean, mean auditing machines minimize wastage of time and maximize efficiency. This is mostly attributed to the involvement of directors, auditors and other staff members.
The involvement of auditors in the planning process saves time, and impacts the attitude of the staff generally. It is a known fact that when auditors get involved, there is more productivity. At the same time, high quality standards are maintained.
Increased Coverage for Internal Audit
Most times, a single director cannot manage many operations at the same time. When two or three projects are running in parallel, maintaining proper documentation and paper work is difficult. Ensuring that there is enough clerical support is an important best practice. However, this is not always implemented, which leads to compliance issues. Having a lean, mean, auditing machine makes thing easier for directors.
Hiring Best Practices
Directors generally need best practices in hiring personnel. They cannot take chances and make mistakes in choosing the new employees. The requirements for a proper auditing system, lead to increase in compliance with regulations, auditing and reporting as well. Therefore, training hired personnel is not affordable by directors.
Ability to Face Unique Challenges
Through lean, mean auditing machines, directors can gain independence and increase awareness of potential problems. This leads to better chances of ensuring best practices and compliance throughout the organization. It further contributes to mitigation of risks and increases the ability of directors to face unique challenges.
Conclusively, using a lean, mean and auditing machine is very important for best practices in auditing and management.