RISK-ORIENTED PLANNING OF THE INTERNAL AUDIT OF THE COMPLIANCE SYSTEM

Abstract

The article examines the key aspects of developing a risk-based audit plan for the compliance systems of domestic enterprises. Modern enterprises operate in an environment of high uncertainty and constantly face risks that can significantly impact their activities. Ignoring such risks within the compliance system can lead to financial losses, regulatory violations, reputational damage, and other negative consequences. Therefore, a crucial task for enterprises is the systematic monitoring of both external and internal environments, as well as the analysis of potential threats and their impact on the compliance system. Internal audit plays a vital role in this process by helping to identify, assess, and mitigate risks while also contributing to effective management decisions aligned with strategic goals. The article proposes a planning framework for a risk-based audit of compliance systems, consisting of six stages: defining the objectives and scope of the compliance system, identifying compliance risks, assessing these risks, developing the audit plan, and obtaining approval from company management. The final stage involves conducting the audit in accordance with the approved plan. Throughout all stages, systematic monitoring and regular reviews are conducted to allow for necessary adjustments and to evaluate the effectiveness of implementation. The study's findings indicate that implementing a risk-based approach to the internal audit of compliance systems enables enterprises to optimize management decisions, thereby enhancing financial stability. Additionally, this approach strengthens regulatory compliance control, which is particularly crucial for companies operating in highly regulated industries. It also improves audit efficiency by focusing efforts on the most high-risk processes and minimizes the negative impact of internal and external risks on the financial, operational, and strategic aspects of the enterprise. The developed risk-based audit algorithm for compliance systems facilitates the integration of audit activities into the company’s strategic management framework. Its implementation enhances transparency in the control process, increases managerial trust, and supports informed decision-making regarding the company’s future development. Thus, the risk-based approach serves as an effective tool for mitigating threats and improving enterprises’ financial and economic stability.