Compliance Audit Checklist 2024
A compliance audit checklist is a tool that is helpful for identifying the gaps in a company’s internal standards and adherence to statutory regulations.
In Malaysia, companies are mandated to adhere to the policies of employment set by the Employment Act 1955, the Industrial Relations Act 1967 and the LHDN for statutory contributions.
Generally, a checklist for compliance audit includes:
- The definition of the audit scope and goals in line with relevant regulations and company policies.
- Review of previous company compliance audits to improve policies and audit procedures.
- Review of industry-specific regulations to ensure adherence to data protection, health, safety, and financial reporting laws.
- Employee training to ensure staff is updated with compliance policies.
- Continuous monitoring of risk management strategies.
- Accurate and secure record keeping and a proper channel for reporting compliance issues.
A well-structured compliance audit checklist helps a company to adhere to regulations and contributes to the continuous improvement of an organizations. Following is a concise outline for a compliance audit checklist, which can be edited according to your organization’s specific requirements.
