Meet every auditing and financial regulatory challenge with a flexible and highly configurable Audit Management Software.
What is Audit Management?
An audit is a structured, unbiased examination of the financial and/or non-financial statements/ disclosures of an organization to evaluate if they effectively represent the ground realities of the organization. Audit Management is the process that ascertains audits are conducted in compliance to the board’s requirements. An effective audit management process streamlines the workflow and aligns the auditing team’s coordination. Audit management includes the hiring and training of auditing staff.
The internal audit needs of companies range from simple to diverse and complicated. For this reason, Predict360 built an Audit Management Software that is highly configurable and enables organizations to manage the complete audit lifecycle: audit planning, audit plans, checklists, field data collection, development of audit reports and corrective and preventive action recommendations.
Predict360’s risk-based Audit Management Software is based on the Institute of Internal Auditors (IIA) standards. The module is licensable as a standalone web-based application or as part of a highly integrated regulatory change management, risk management, incident, policy, procedures, competency and learning management solution.
The Audit Management Software provides end-to-end functionality for managing complete audit lifecycle including audit planning, audit plans, checklists, field data collection, development of audit reports and corrective and preventive action recommendations. It also provides:
Try applying the following four steps for success in Audit Management at your organization:
FOUR STEPS FOR SUCCESSFUL AUDIT MANAGEMENT
Step One: Audit Planning and Preparation
Audit planning involves creating an audit plan which enlists all audits to be conducted over the year, outlines the scope of each audit, and identifies the person(s) responsible to conduct the audit. Audit preparation involves training personnel and ensuring availability of records and documents for the audit.
Step Two: Audit Execution and Fieldwork
Fieldwork entails gathering and analyzing data and information, primarily for the purpose of assessing if internal controls of the organization are functioning as required. Execution usually involves interviewing organizational personnel, examining documents, collecting data etc. in order to develop audit findings.
Step Three: Audit Reporting and Review
An audit report is a compilation of audit findings and recommendations put forth by auditors. This report is sent for review by the management (especially internal audit reports). Audit reports may include a letter from the management enlisting failings in internal controls and corresponding recommendations.
Step Four: Corrective and Preventive Action
Based on the recommendations from auditors and management, corrective and preventive actions need to be executed. Corrective actions rectify the failings/deficiencies that became evident through the audit, while preventive actions work towards eliminating factors that may cause errors and failings in the future.