Design an internal audit review process to assess the readiness of compliance documentation ahead of a [Regulatory Review]. The review should focus on identifying discrepancies in [Compliance Documentation], such as outdated policies, missing audit logs, and unreported changes. Include a system for categorizing the severity of discrepancies, assigning corrective actions, and tracking progress. Specify who will be responsible for reviewing the documents, including [Audit Team], [Compliance Department], and [External Advisors].