Did we deliver as planned? A guide to effective internal audits

In a rapidly evolving landscape, organizations must be agile and adapt quickly. Internal audits become a key tool to evaluate whether implemented actions are aligned with strategic goals. For a manager, auditing the execution of the strategic plan not only helps verify the company’s direction but also allows for the timely identification of deviations and evidence-based decision-making.

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How to conduct an effective internal audit

1. Define scope and objectives

The first step is to clearly establish what will be audited and why. Questions like Which areas should be evaluated? or Which indicators reflect whether we’re meeting the plan? help narrow the focus and ensure that the process is result-oriented and effective.

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2. Gather key information

Collect both internal data (financial and operational metrics, performance reports) and external data (market analysis, benchmarking, industry context). A solid information base is essential for drawing accurate conclusions about the execution of the strategic plan.

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3. Compare against the strategic plan

With data in hand, it’s time to contrast it with the set goals. Are the projected targets being met? For instance, a retail company might find that its e-commerce channel isn’t generating the expected traffic, which calls for a digital strategy adjustment.

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4. Identify gaps

Pinpoint discrepancies between the plan and actual outcomes. Tools such as SWOT analysis (strengths, weaknesses, opportunities, and threats) can help clearly visualize critical areas. A real example is a Mexican manufacturing firm that, through this analysis, discovered that while it met its production volume targets, delivery times were off-schedule, negatively impacting customer experience.

5. Design recommendations and an action plan

An audit should go beyond diagnosis. It’s essential to propose concrete solutions. For example, a Chilean agricultural company detected higher-than-expected water consumption. The solution: implement smart irrigation technology to reduce costs and increase sustainability.

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6. Prepare the report and follow up

The final report must be clear, structured, and actionable. It should include findings, analysis, and recommendations. Just as important as the report itself is follow-up: ensuring corrective actions are implemented and evaluating their impact on strategic plan fulfillment.

Best practices for effective auditing

Foster a culture of continuous improvement: Transparency, commitment, and openness to change are essential.

• Leverage technology: Tools like ERP systems or performance management platforms enable real-time, more precise auditing.
• Communicate clearly: All teams should understand the purpose of the audit and take part in implementing improvements.

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Success stories in Latin America

Grupo Bimbo, a global leader in baking, has integrated rigorous internal audits to support its expansion strategy. This has allowed the company to respond quickly to challenges and maintain its competitiveness.

Ecopetrol, Colombia’s energy company, has used internal audits to redesign its sustainability strategy, achieving a significant reduction in its environmental footprint through the use of renewable energy.

Conclusion

Auditing the execution of a strategic plan is essential for any results-driven organization. More than just a review, well-implemented internal audits allow for the anticipation of deviations, process improvements, and the assurance that resources are aligned with business objectives.