A business continuity audit tests a company’s plan to remain operational during internal or external threats. It includes analysis, solution design, implementation, acceptance testing, and maintenance. The audit is conducted by external auditors who interview employees and observe operations to determine the strength of the plan.
A business continuity audit questions and tests the plan a company has in place to remain operational during internal or external threats. Businesses can face a myriad of threats that undermine the organization’s ability to complete tasks and activities. While continuity plans may not see much use in a company, business owners and managers may need to know how well the plan will work. The business continuity audit will conduct a series of tests and reviews to determine the strength of the continuity plan and how well the business insulates itself from disruption of operations.
Continuity plans often have a lifecycle that requires analysis, solution design, implementation guidelines, acceptance testing, and maintenance to keep the plan on track. In many companies, continuity plans are written well in advance of the threats that actually cause problems in an organization. While the plan may include several well-thought-out ideas, the practicality of using it may be completely different. The business continuity audit will test these phases of the continuity plan and possibly result in suggestions that will strengthen the plan and facilitate implementation where necessary.
Conducting a business continuity audit will start with the people involved in the testing and review process. A public accounting firm or other professional auditors can provide an objective opinion on the continuity plan. Additionally, they may have industry-specific experience that internal auditors lack. Although external auditors can be more expensive, the benefits of compensation can result in a more productive audit.
The business continuity audit should begin with a meeting between the auditors and the business owners or managers. This meeting will decide the scope of the audit and the expectations of the company’s management in terms of the results of the audit. A timeline will come from the meeting that requires the auditors to issue a report by a certain date, which saves the company money and also ensures that changes are implemented before the time passes, during which a threat can disrupt the business. .
Field work is the main thrust of the business continuity audit. Auditors will conduct interviews with the people who made the continuity plan and learn about the design and implementation process. A step-by-step explanation helps auditors understand how the company will allocate resources to combat threats to the company. Observing employees working on their tasks and learning how line managers conduct operations is also necessary for the audit. A final analysis of the company’s internal and external operations allows auditors to complete the fieldwork and discover how the company’s continuity plan would stand in the face of single or multiple threats.
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