FOCUS Records Audit
FOCUS Records Audit is remote assessment of a cannabis organizations existing records. Records Audits are useful for a multitude of purposes, as the ultimate goal can vary. In general, a Records Audit cover records inventory, creation of records, storage, disposal, electronic records, reliability of records, records management, and training. FOCUS Records Audits are customized to the specific needs of the each client.
An audit of a company’s operational policy and procedure documentation is essential to assuring a cannabis organization is audit-ready at all times. They are used to assess overall compliance with legal and regulatory requirements and provide insight in the overall effectiveness of operational policies and procedures. The assessment determines if a company is following internal standards and practices – and that they can prove it, if required to by regulatory agencies, insurers, investors, suppliers, or for legal purposes.
Records Audits can also be utilized to uncover loss or theft within a cannabis organization. This involves the identification of inconsistencies within seed-to-sale records that are indicative of falsified data and the introduction of illicit material used for extraction; as well as diversion happening via distribution through a company’s retail outlets or the black market.
For this type of records audit, a statistical analysis of Seed-to-Sale data and Inventory Control Conversion Processes is performed using patent-pending predictive analytics developed by Nationwide Compliance Specialists (NCS). NCS provides banks and regulatory agencies with real-time monitoring and alerts for cash-intensive businesses, including Marijuana-Related-Businesses (MRBs).
These results are used to direct further inspections of the records pertaining to extraction efficiencies and inventory adjustments which are then correlated to behavioral patterns indicative of diversion that may not be resolved by statistical analysis. The combined findings are used to develop recommendations for evolution of a Quality Management System that allows for early identification and future investigations for illicit activities, such as diversion.
For additional information on FOCUS services, please use this contact request form and a representative will respond within 24 hours. If you are ready to get started, please tell us more about your business in the form below: