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What are Internal Audit OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Internal Audit to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
The best tools for writing perfect Internal Audit OKRs
Here are 2 tools that can help you draft your OKRs in no time.
Tability AI: to generate OKRs based on a prompt
Tability AI allows you to describe your goals in a prompt, and generate a fully editable OKR template in seconds.
- 1. Create a Tability account
- 2. Click on the Generate goals using AI
- 3. Describe your goals in a prompt
- 4. Get your fully editable OKR template
- 5. Publish to start tracking progress and get automated OKR dashboards
Watch the video below to see it in action 👇
Tability Feedback: to improve existing OKRs
You can use Tability's AI feedback to improve your OKRs if you already have existing goals.
- 1. Create your Tability account
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on Generate analysis
- 4. Review the suggestions and decide to accept or dismiss them
- 5. Publish to start tracking progress and get automated OKR dashboards
Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
Internal Audit OKRs examples
You'll find below a list of Objectives and Key Results templates for Internal Audit. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.
Hope you'll find this helpful!
OKRs to enhance internal controls for a zero-deficiency internal audit
ObjectiveEnhance internal controls for a zero-deficiency internal audit
KRTrain all relevant personnel on the updated internal control processes
Identify personnel requiring updated controls training- Schedule training sessions for identified personnel
- Conduct evaluation post-training for effectiveness
- KRSuccessfully pass the internal audit with zero major findings
- Conduct pre-audit checks to identify potential issues
- Regularly review and update company policies and procedures
- Train staff on audit procedures and expectations
- KRImplement 100% of internal control recommendations from the previous audit
- Review past audit's internal control recommendations
- Create an implementation plan for all recommendations
- Carry out the implementation plan effectively
OKRs to facilitate 27001 certification readiness for the legal team
- ObjectiveFacilitate 27001 certification readiness for the legal team
- KRConduct comprehensive internal audit to identify compliance gaps
- Develop and implement a detailed audit plan
- Assemble an internal audit team with relevant expert knowledge
- Analyze audit findings to pinpoint compliance gaps
- KRTrain 95% of the team on ISO 27001 requirements and procedures
- Monitor and record their progress and completion
- Identify team members not trained in ISO 27001 procedures
- Organize training sessions with an accredited coach
- KRImplement necessary changes for 100% gap closure
- Develop and implement effective solutions
- Identify gaps in current processes or systems
- Monitor and evaluate the solution's effectiveness
OKRs to enhance pre-audit inspection for REV Vistex controls efficiency
- ObjectiveEnhance pre-audit inspection for REV Vistex controls efficiency
- KREffectively implement at least 3 improvement suggestions by the end of the quarter
- Execute strategy and track progress
- Identify improvement suggestions from stakeholders
- Develop implementation strategy for suggestions
- KRIdentify 10 potential efficiency improvement areas in the Vistex controls testing process
- Analyze current Vistex controls testing process thoroughly
- Identify repetitive steps and potential automation opportunities
- Study error rates and uncover their causes
- KRReduce issues discovered during actual audit by 20%
- Increase education and training on audit requirements
- Implement regular self-audits to identify potential issues
- Strengthen internal controls to improve accuracy
OKRs to prepare a perfect and precise financial statement
- ObjectivePrepare a perfect and precise financial statement
- KRImplement a double-verification system for transaction recording by the end of the quarter
- Identify suitable double-verification technology options
- Roll out double-verification system
- Develop implementation and training plan
- KRAchieve 100% on-time internal financial reporting with no errors for three consecutive months
- Automate reports using reliable financial software
- Train staff on accurate and timely data input
- Implement a rigorous financial data review process
- KREnsure 0% discrepancies in monthly intra-department financial audits throughout the quarter
- Implement stringent checks on each financial transaction
- Regularly review internal audit processes
- Provide comprehensive training on accurate reporting
OKRs to enhance internal auditing effectiveness for technology in the organization
- ObjectiveEnhance internal auditing effectiveness for technology in the organization
- KRReduce technology-related non-compliance issues by 20%
- Implement regular technology compliance training sessions
- Upgrade security software to minimize breach risks
- Conduct frequent audits of technology use
- KRUpskill 75% of the audit team in advanced technology-focused auditing procedures
- Schedule and implement training sessions
- Develop or source relevant training programs
- Identify needed technology-focused auditing procedures
- KRImplement a new, comprehensive audit software across the department by quarter-end
- Identify key features needed in new audit software
- Train all department staff on new software
- Select and purchase suitable audit software
OKRs to achieve 100% productivity in financial statement preparation
- ObjectiveAchieve 100% productivity in financial statement preparation
- KRIncrease financial statement preparation speed by 20% without errors
- Implement automated accounting software for faster data processing
- Streamline and simplify the financial reporting process
- Conduct regular training on accurate and quick data entry
- KRImplement an effective workflow to process all financial reports within schedule
- Implement regular check-ins to monitor progress
- Establish clear deadlines for all financial report processes
- Assign specific tasks to designated team members
- KRAttain absolute accuracy in 95% of prepared financial statements, as assessed by audits
- Establish comprehensive training for finance team
- Implement strict quality control in financial reporting
- Conduct regular internal audits for immediate correction
OKRs to ensure precision in financial statement generation
- ObjectiveEnsure precision in financial statement generation
- KRExtend internal audit process to cover all financial transactions by 15%
- Implement extra training for thorough audits
- Add 15% more transactions to audit checklist
- Increase audit team size for additional oversight
- KRTrain accounting team on latest financial standards to enhance compliance by 20%
- Identify key updates in recent financial standards
- Conduct interactive training sessions for accounting team
- Prepare comprehensive training materials
- KRImplement innovative accounting software to reduce errors by 30%
- Research and identify innovative accounting software options
- Purchase and install chosen accounting software
- Train staff in using the new software
OKRs to complete the Financial Statement promptly
- ObjectiveComplete the Financial Statement promptly
- KRStreamline the auditing and approval process by 15%
- Implement automated systems to expedite the auditing process
- Reduce approval stages and unnecessary checks
- Train staff to increase proficiency in audit procedures
- KRReduce errors in financial reporting by 20%
- Provide ongoing accounting training for staff
- Implement stricter internal audit protocols
- Invest in automated financial reporting software
- KRIncrease efficiency in data collection and processing by 30%
- Streamline data validation and consolidation processes
- Train staff on efficient data management strategies
- Implement automated systems for data collection and processing
OKRs to improve the efficiency and accuracy in account maintenance
- ObjectiveImprove the efficiency and accuracy in account maintenance
- KRIntroduce an automated system for 70% of transactions to boost productivity
- Train staff in using the automated system
- Identify transactions suitable for automation
- Select and purchase suitable automation software
- KRReduce accounting errors by 20% through meticulous tracking and cross-checking
- Use accounting software for precise tracking and calculations
- Establish process for peer review before finalizing reports
- Implement regular internal audits to identify patterns of errors
- KRImprove professional knowledge by completing two accounting additional courses
- Enroll in two selected accounting courses
- Regularly attend and complete courses
- Research course options related to accounting enhancement
OKRs to streamline business structure and set timeline for team's objectives
- ObjectiveStreamline business structure and set timeline for team's objectives
- KRReduce structural inefficiencies by 25% as identified through internal audit
- Identify key inefficiencies in the internal audit report
- Develop and implement solutions to address inefficiencies
- Regularly monitor and adjust strategies to ensure 25% reduction
- KRAchieve 100% completion of goal-setting sessions with all key team departments
- Communicate importance and expectations of completion to all departments
- Monitor and follow up on session completion progress
- Schedule goal-setting sessions with each department head
- KRImprove communication lines within the team by 30% as measured by internal surveys
- Implement weekly meetings to discuss progress and concerns
- Develop an open-door policy for management
- Institute mandatory team-building exercises
Internal Audit OKR best practices
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tip #2: Commit to weekly OKR check-ins
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
Being able to see trends for your key results will also keep yourself honest.
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
Save hours with automated OKR dashboards
Your quarterly OKRs should be tracked weekly if you want to get all the benefits of the OKRs framework. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use Tability to save time with automated OKR dashboards, data connectors, and actionable insights.
How to get Tability dashboards:
- 1. Create a Tability account
- 2. Use the importers to add your OKRs (works with any spreadsheet or doc)
- 3. Publish your OKR plan
That's it! Tability will instantly get access to 10+ dashboards to monitor progress, visualise trends, and identify risks early.
More Internal Audit OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to reduce manual tasks through automation and process improvement
- OKRs to streamline the entire recruitment process for efficiency
- OKRs to reduce operational cost in the Network Operations Center
- OKRs to reach $100,000 ARR in app stores without paid marketing
- OKRs to cultivate a resilient and enduring organizational culture
- OKRs to improve employee retention