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10+ Audit Gap Analysis Templates in PDF

A method of studying the differences in the performance between the information systems of a business or software applications is known as audit gap analysis. It is usually done to determine whether the business requirements are being met and, if not, then what measures should be taken to ensure they are met successfully. The gap in this term refers to the space between the present state and the target state of a company or organization.

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10+ Audit Gap Analysis Templates in PDF

1. Audit Gap Analysis Template

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2. Internal Audit Gap Analysis Format

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3. Audit Verification Gap Analysis Template

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4. Financial Audit Gap Analysis Simple

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5. Audit Gap Analysis Report Template

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6. Pre-Verification Audit Gap Analysis Example

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7. Basic Audit Gap Analysis

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8. Sample Audit Gap Analysis

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9. Audit Gap Analysis Work Sheet Template

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10. Audit Gap Rating Analysis in PDF

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11. Standard Audit Gap Analysis

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How to Execute an Audit Gap Analysis?

The process of an audit gap analysis usually falls under the concept of business analysis, process improvement teams or management, and project managers. The basic steps for performing an audit gap analysis are as follows:

Step 1: Identify the Important Elements

You just cannot start assessing the gaps between your company’s objectives, rather, it would be wise to figure out why your factory or company is not meeting its output target. Before you start analyzing the gaps, make sure you discover the causes that contributed to targets that are not being met, and also recommend how to remove these causes.

Step 2: Establish the Desired Future State

Secondly, start establishing the ideal future state of your business or corporation. Just think about where would you be if everything would have worked according to plan. Having a picture of the desired future state will help in making your plans accordingly

Step 3: Analyze the Present State

Make sure to analyze the current state and what causes contributed to the targets beings missed. For instance, you can evaluate whether the workers are trained well enough or not or were the required materials available consistently, etc.

Step 4: Make Comparisons

Start comparing the current state with the desired future state. Before you conduct an audit gap analysis, you can articulate about how far from the target was the actual production.

Step 5: Describe the Gap

Next, start describing the gap and assess the difference between the present and future. After you research the possible causes, you can outline the contributions of each to the gap. Some companies can use some other rating systems to assess the difference that can be as basic as simple terms like good, fair or poor to something more specific like giving scales.

Step 6: Summary

Lastly, summarize all the recommendations that create a plan to bridge the gaps and decide what needs to be changed. Determine what steps will be required to be taken to fix things. For example, a team performing the analysis may decide the layout issue is the easiest to tackle and may have the greatest impact, so start making recommendations to address it. The team can summarize their ideas and present them to the management to begin planning the improvements.

When to Conduct an Audit Gap Analysis?

A company or an organization can conduct an audit gap analysis at any time. Firstly, you must go through strategic planning, this is a process that helps an organization that defines a strategy that will guide them to accomplish their goals and objectives. An audit gap analysis may be a key part of strategic planning and by looking for issues through a gap analysis, they can adjust the strategy to better fit the situation. You can even realign the company’s’ processes to align with the strategy. An audit gap analysis can serve as a key tool in identifying where things are falling short when an organization is looking for problems in their performance.

Benefits of Audit Gap Analysis

An audit gap analysis is very common and is frequently used as there are many benefits that they can bring to the companies and organizations that implement them. Some of the benefits include the following:

  1. It provides insight into the areas that need some improvements like efficiency, products, processes, profitability, customer satisfaction, etc.
  2. It helps in ensuring that the project requirements have been met or not and also in finding areas of weaknesses and shortcomings to address.
  3. An audit gap analysis provides aid in uncovering differences in perception vs. reality. It also provides information to guide the decision-makers, which can also lead to better decisions.
  4. It helps in finding the best places to deploy resources and focuses on energy and puts more importance on the prioritization of needs.
  5. The results of an audit gap analysis are very clear and easy to understand and if it is performed well.

Challenges of Audit Gap Analysis

Even though an audit gap analysis is quite valuable, they are not perfect. Some challenges are related to the gap analysis process, some of them are as follows:

  1. Successful results and completion of the procedure depend on the knowledge and the determination of the people that are involved in the process.
  2. Though the process may expose some causes, if it does not go deep enough, the suggested resolutions may not address the real root cause or may miss out on the complexities behind them.
  3. The whole analysis or the study may be inaccurate, as the ground may be constantly shifting especially when they are large organizations or fast-moving industries.

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