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8 OKR examples for Internal Audit Team

What are Internal Audit Team OKRs?

The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.

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 Team 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.

How to write your own Internal Audit Team OKRs

Option 1. Turn ideas into OKRs with Tability AI

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here.

You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.

Tability will then use your prompt to generate a fully editable OKR template.

Watch the video below to see it in action 👇

Option 2. Optimise existing OKRs with Tability Feedback tool

If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.

AI feedback for OKRs in TabilityTability's Strategy Map makes it easy to see all your org's OKRs

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.

You can then decide to accept the suggestions or dismiss them if you don't agree.

Option 3. Use the free OKR generator

If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.

Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.

Internal Audit Team OKRs examples

You'll find below a list of Objectives and Key Results templates for Internal Audit Team. 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
  • TaskIdentify personnel requiring updated controls training
  • TaskSchedule training sessions for identified personnel
  • TaskConduct evaluation post-training for effectiveness
  • KRSuccessfully pass the internal audit with zero major findings
  • TaskConduct pre-audit checks to identify potential issues
  • TaskRegularly review and update company policies and procedures
  • TaskTrain staff on audit procedures and expectations
  • KRImplement 100% of internal control recommendations from the previous audit
  • TaskReview past audit's internal control recommendations
  • TaskCreate an implementation plan for all recommendations
  • TaskCarry out the implementation plan effectively

OKRs to facilitate ISO 27001 certification readiness for tech team

  • ObjectiveFacilitate ISO 27001 certification readiness for tech team
  • KRAchieve 100% completion of necessary documentation for ISO 27001 certification application
  • TaskIdentify and gather all required documentation for ISO 27001 certification
  • TaskAnalyze and complete any missing or incomplete documentation
  • TaskReview and finalize every document for application submission
  • KREnsure 100% of tech team undergo mandatory ISO 27001 familiarization training
  • TaskIdentify mandatory ISO 27001 training providers
  • TaskSchedule training for all tech team members
  • TaskMonitor and record attendance at training
  • KRConduct bi-weekly audits to ensure at least 90% compliance to ISO 27001 standards
  • TaskReview compliance results for improvement areas
  • TaskSchedule recurring bi-weekly ISO 27001 audit sessions
  • TaskImplement necessary changes to ensure 90% compliance

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%
  • TaskImplement extra training for thorough audits
  • TaskAdd 15% more transactions to audit checklist
  • TaskIncrease audit team size for additional oversight
  • KRTrain accounting team on latest financial standards to enhance compliance by 20%
  • TaskIdentify key updates in recent financial standards
  • TaskConduct interactive training sessions for accounting team
  • TaskPrepare comprehensive training materials
  • KRImplement innovative accounting software to reduce errors by 30%
  • TaskResearch and identify innovative accounting software options
  • TaskPurchase and install chosen accounting software
  • TaskTrain staff in using the new software

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
  • TaskExecute strategy and track progress
  • TaskIdentify improvement suggestions from stakeholders
  • TaskDevelop implementation strategy for suggestions
  • KRIdentify 10 potential efficiency improvement areas in the Vistex controls testing process
  • TaskAnalyze current Vistex controls testing process thoroughly
  • TaskIdentify repetitive steps and potential automation opportunities
  • TaskStudy error rates and uncover their causes
  • KRReduce issues discovered during actual audit by 20%
  • TaskIncrease education and training on audit requirements
  • TaskImplement regular self-audits to identify potential issues
  • TaskStrengthen internal controls to improve accuracy

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
  • TaskTrain staff in using the automated system
  • TaskIdentify transactions suitable for automation
  • TaskSelect and purchase suitable automation software
  • KRReduce accounting errors by 20% through meticulous tracking and cross-checking
  • TaskUse accounting software for precise tracking and calculations
  • TaskEstablish process for peer review before finalizing reports
  • TaskImplement regular internal audits to identify patterns of errors
  • KRImprove professional knowledge by completing two accounting additional courses
  • TaskEnroll in two selected accounting courses
  • TaskRegularly attend and complete courses
  • TaskResearch course options related to accounting enhancement

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
  • TaskImplement automated accounting software for faster data processing
  • TaskStreamline and simplify the financial reporting process
  • TaskConduct regular training on accurate and quick data entry
  • KRImplement an effective workflow to process all financial reports within schedule
  • TaskImplement regular check-ins to monitor progress
  • TaskEstablish clear deadlines for all financial report processes
  • TaskAssign specific tasks to designated team members
  • KRAttain absolute accuracy in 95% of prepared financial statements, as assessed by audits
  • TaskEstablish comprehensive training for finance team
  • TaskImplement strict quality control in financial reporting
  • TaskConduct regular internal audits for immediate correction

OKRs to complete the Financial Statement promptly

  • ObjectiveComplete the Financial Statement promptly
  • KRStreamline the auditing and approval process by 15%
  • TaskImplement automated systems to expedite the auditing process
  • TaskReduce approval stages and unnecessary checks
  • TaskTrain staff to increase proficiency in audit procedures
  • KRReduce errors in financial reporting by 20%
  • TaskProvide ongoing accounting training for staff
  • TaskImplement stricter internal audit protocols
  • TaskInvest in automated financial reporting software
  • KRIncrease efficiency in data collection and processing by 30%
  • TaskStreamline data validation and consolidation processes
  • TaskTrain staff on efficient data management strategies
  • TaskImplement automated systems for data collection and processing

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%
  • TaskImplement regular technology compliance training sessions
  • TaskUpgrade security software to minimize breach risks
  • TaskConduct frequent audits of technology use
  • KRUpskill 75% of the audit team in advanced technology-focused auditing procedures
  • TaskSchedule and implement training sessions
  • TaskDevelop or source relevant training programs
  • TaskIdentify needed technology-focused auditing procedures
  • KRImplement a new, comprehensive audit software across the department by quarter-end
  • TaskIdentify key features needed in new audit software
  • TaskTrain all department staff on new software
  • TaskSelect and purchase suitable audit software

Internal Audit Team 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

Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your OKRs.

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

Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.

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.

How to track your Internal Audit Team OKRs

OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full benefits from the framework. Reviewing progress periodically has several advantages:

Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.

If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.

More Internal Audit Team OKR templates

We have more templates to help you draft your team goals and OKRs.

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