Final answer:
Internal monitoring and auditing can be performed through periodic audits and baseline audits. Periodic audits are regular reviews conducted at set intervals, while baseline audits establish a reference point for future comparisons. Both methods help improve an organization's performance and compliance.
Step-by-step explanation:
Internal monitoring and auditing play a crucial role in ensuring the effectiveness and integrity of an organization's operations. According to the Office of Inspector General (OIG), two means of performing internal monitoring and auditing are periodic audits and baseline audits.
Periodic audits involve conducting regular reviews and assessments of an organization's activities and processes at set intervals. These audits help identify any discrepancies, risks, or non-compliance with established policies and procedures. By conducting periodic audits, organizations can proactively address issues and implement corrective actions to improve their overall performance and compliance.
On the other hand, baseline audits establish a starting point or reference against which future audits can be compared. They involve evaluating an organization's current state, including its controls, processes, and adherence to standards. Baseline audits help establish benchmarks and identify areas for improvement. They can be particularly useful when organizations are implementing new systems, policies, or procedures.