Following an audit, the IMI auditor will provide an opinion on how the company's knowledge can be optimised through a number of strategies.
How It works
An Inner Management Audit is an examination of the Inner Knowledge of a company. IMI audits are carried out to give investors and other stakeholders confidence that the company's Knowledge is being properly managed and that there are optimised levels of efficiency, motivation and well-being within the company.
Following an audit, the IMI auditor will provide an opinion on how the company's Knowledge can be optimised through a number of strategies.
The IMI audit provides stakeholders and employees with information on how knowledge is created, communicated, transformed, and managed throughout the organisation's processes. Depending on the size of the organisation, an IMI audit can last from a few days to a month. At the end of the engagement, the auditor provides a professional opinion on the accuracy of the internal knowledge reporting.
IMI audits tend to focus less on financial statements and more on a company's operations and corporate governance values, which provide an overview of the organisation's performance in different areas. These areas can include governance, administration & HR, production, sales, marketing, accounting & finance, R&D and compliance.
Stages of an Audit
The way an audit is conducted may vary depending on the size of the company and the complexity of the case. However, an IMI audit typically involves four main phases:
• The planning phase: in this stage, a company works with the audit firm to agree details such as the level of engagement, procedures and objectives.
• The internal controls phase: the IMI auditors gather knowledge records and any other information needed to conduct their audits. This information is needed to assess the accuracy of knowledge management (KM) processes.
• The testing phase: the auditors verify the accuracy of the KM statements using various tests. It may involve verifying transactions, overseeing procedures, or requesting more information.
• The reporting phase: when all testing is complete, the auditors prepare a report that expresses an opinion on the accuracy of the KM statement.
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