Daikin Australia’s small internal audit team delivers big insights with Diligent
Daikin Australia’s internal audit team has an expansive audit plan that includes assessing the organisation’s compliance against:
- A complex array of local regulations, including Australia’s National Greenhouse and Energy Reporting (NGER) scheme, the Corporations Act and the Modern Slavery Act;
- Japan’s Financial Instruments and Exchange Act (J-SOX) as Daikin is publicly listed on the Japanese Stock Exchange;
- ISO standards to maintain the certifications that Daikin holds; and
- Numerous Australian standards in safety, packaging and refrigeration.
Beyond these regular assessments, the team also conducts special one-off audits where no predefined risks, control objects or control activities exist. This places a significant burden on the audit team to not only assess a large volume of controls each year, but also present insightful reporting and have the agility to address unexpected risks that may emerge during the year.
In today’s dynamic business landscape, where new organisational risks are always emerging, the audit team is stepping into the strategic role of providing continuous insights and recommending solutions to ad hoc concerns.
Diligent Internal Audit Management (HighBond) offered a centralised, automated and collaborative way for the team to document and process audit results. As a web-based tool, it gave them the efficiency and flexibility to follow up on audits both from the office and on mobile platforms.
Automating processes with HighBond has empowered the Risk and assurance team to halve the resource time they used to spend on repetitive audits. This equips them with the bandwidth to perform continuous risk assessments and provide on-demand insights, giving the business an edge in today’s fast-evolving risk landscape.
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