You may have heard the term "audit" tossed around in organisations where you work. And if you’re anything like me early on in my career when I was new to corporate, I just remember my colleagues and managers saying #internalaudit and people scrambling.
An audit is an examination of a company's records to determine their accuracy and compliance with regulatory requirements as well as internal governance regulations.
Audits can be conducted by external firms, internal audit teams, or regulatory bodies, and they are an essential part of business operations.
Audits can be stressful and time-consuming, and they can even uncover issues that may put your company in jeopardy. That's why it's crucial to be prepared for an audit, and the best way to do that is through good governance.
#Goodgovernance means having a system of controls and processes in place that ensure transparency, accountability, and traceability.
Good governance is crucial in the management of programs and projects because it helps to identify potential issues and mitigate risks before they become larger problems. Here are a few key elements of good governance in programs and projects:
✅ Clearly defined objectives and goals - Having a clear understanding of the goals and objectives of a project or program is essential in ensuring that all stakeholders are aligned and working towards a common purpose. This helps to avoid confusion and misunderstandings that can lead to project delays, cost overruns, and other issues.
✅ Effective communication - Communication is key in any project or program. Good governance requires that all stakeholders are kept informed about project progress, risks, and issues in a timely and transparent manner. This helps to ensure that everyone is on the same page and can work together towards a successful outcome.
✅ Risk management - Risk management is an essential element of good governance. This involves identifying potential risks and developing plans to mitigate them. By addressing potential issues before they become significant problems, risk management can help to minimize project delays, cost overruns, and other issues.
✅ Strong leadership - Good governance requires strong leadership from project managers and program directors. Effective leaders can help to ensure that projects are completed on time, within budget, and to the satisfaction of all stakeholders.
✅ Accountability - Accountability is essential in ensuring that everyone involved in a project or program takes responsibility for their actions. This includes project managers, team members, and other stakeholders. By holding everyone accountable, good governance can help to prevent issues from arising and ensure that projects are completed successfully.
Good governance helps to identify potential issues, mitigate risks, and ensure that everyone involved in a project is working towards a common goal.
Are you prepared for #internalaudit?
An audit is an examination of a company's records to determine their accuracy and compliance with regulatory requirements as well as internal governance regulations.
Audits can be conducted by external firms, internal audit teams, or regulatory bodies, and they are an essential part of business operations.
Audits can be stressful and time-consuming, and they can even uncover issues that may put your company in jeopardy. That's why it's crucial to be prepared for an audit, and the best way to do that is through good governance.
#Goodgovernance means having a system of controls and processes in place that ensure transparency, accountability, and traceability.
Good governance is crucial in the management of programs and projects because it helps to identify potential issues and mitigate risks before they become larger problems. Here are a few key elements of good governance in programs and projects:
✅ Clearly defined objectives and goals - Having a clear understanding of the goals and objectives of a project or program is essential in ensuring that all stakeholders are aligned and working towards a common purpose. This helps to avoid confusion and misunderstandings that can lead to project delays, cost overruns, and other issues.
✅ Effective communication - Communication is key in any project or program. Good governance requires that all stakeholders are kept informed about project progress, risks, and issues in a timely and transparent manner. This helps to ensure that everyone is on the same page and can work together towards a successful outcome.
✅ Risk management - Risk management is an essential element of good governance. This involves identifying potential risks and developing plans to mitigate them. By addressing potential issues before they become significant problems, risk management can help to minimize project delays, cost overruns, and other issues.
✅ Strong leadership - Good governance requires strong leadership from project managers and program directors. Effective leaders can help to ensure that projects are completed on time, within budget, and to the satisfaction of all stakeholders.
✅ Accountability - Accountability is essential in ensuring that everyone involved in a project or program takes responsibility for their actions. This includes project managers, team members, and other stakeholders. By holding everyone accountable, good governance can help to prevent issues from arising and ensure that projects are completed successfully.
Good governance helps to identify potential issues, mitigate risks, and ensure that everyone involved in a project is working towards a common goal.
Are you prepared for #internalaudit?
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