Your glossary for risk and compliance
Helpful definitions of all of the terms you need to know to better manage risk and compliance.
TermsAFSL Authorised Representative AICPA Annex A Controls ASIC Attestation of Compliance (AOC) Business Continuity Management Communication and consultation Compliance Automation Software Compliance Risk Management Consequence Context control Cybersecurity Cybersecurity Maturity Model Certification (CMMC) FedRAMP Governance Risk & Compliance (GRC) GPDR HIPAA HITRUST How many controls are there in ISO 27001? Incident Management Information Security Management System (ISMS) ISMS Governing Body ISO 27001 ISO 27001 certified ISO/IEC 27000 ISO/IEC 27004 ISO/IEC 27005 ISO/IEC 27017 ISO/IEC 27018 Level of risk Likelihood Notifiable Data Breach OAIC Policy Management Risk Risk analysis Risk identification Risk management Risk management framework Risk management plan Risk management policy Risk management process Risk owner Risk profile Risk review Risk source Risk treatment SOC 1 SOC 2 SOC 3 SOC Reports SOC Trust Services Criteria (TSC) SSAE 16 SSAE 18 Stakeholder Third Party Risk Management Vendor Assessment Vendor Management Policy Vendor Review Vulnerability Vulnerability Management What are the ISO 27001 controls? What is an ISO 27001 internal audit? What is an ISO 27001 risk treatment plan? What is an IT security policy? What is Hacking? What is ISO 27002? What is PaaS (Platform-as-a-Service)? What is the ASD Essential 8? What is the ISO 27001 management review? What is the ISO 27001 Stage 1 Audit? What is the ISO 27001 stage 2 audit?
What is an ISO 27001 internal audit?
An ISO 27001 internal audit involves examining an organization’s Information Security Management System (ISMS) before undergoing an ISO audit with an external auditor. The internal audit aims to help identify gaps or deficiencies that could affect an organization’s ISMS and impact its ability to meet its intended objectives and complete an initial or annual ISO 27001 certification audit.
The internal audit function is a requirement under the ISO 27001 standard. However, unlike a certification review where an organization must use an external third party to conduct the audit, either staff within an organization or an independent third party—such as a consulting firm—can perform an audit.
When determining its approach to the execution of an internal audit, a company must:
- Ensure the auditor is objective and impartial, meaning there are no conflicts of interest and that appropriate separation of duties are in place (i.e., the auditor has not implemented or does not operate or monitor any of the controls under audit).
- Ensure the auditor is qualified and competent regarding auditing processes and procedures, as well as the ISO 27001 standard.
The internal audit results, including nonconformities, should be shared with a company’s ISMS governing body and senior management to ensure oversight and identify issues before proceeding to the external audit.
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