Meet every auditing and financial regulatory challenge with a flexible and highly configurable Audit Management Software.

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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 Challenges

  • Increasing complexities in the regulatory environment are driving organizations to seek a holistic and highly integrated approach to manage the entire life cycle of their audit management processes.
  • Businesses continue to operate under fluctuating market conditions. Faced with uncertainty, the role of internal audit has increased significantly to include risk management and compliance plus emerging business risks as they adjust to an ever-changing business landscape.

Our Solution

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.

Key Features

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:

  • Documents targeted audit entities, and determine audit scope by completing dynamic risk assessments of the company’s audit sphere.
  • Fully configurable assessments that reveal the inherent and control risk associated with each type of audit and entity. The solution uses the assessment results, in combination with past audit history to automate the scheduling of audit engagements.
  • Flexible data-gathering and aggregation framework enables customers to set up any type and structure of audit they can imagine.
  • Dynamic logic execution – execute customer specific processes as the result of an audit, survey, gap analysis or inspection.
  • Pre-built audits, gap assessments and inspections for many industries that can be customized for any organization’s needs.
  • Integrated Requirements Knowledge Base (RKB).
  • Audit questions can be mapped directly to the regulatory requirements, standards requirements and business objectives that drive them, allowing for unprecedented coverage, extensive reporting, and a comprehensive response to changes in those requirements.
  • Take corrective and preventive actions directly from the results of an audit.
  • Flexible reporting and analytics for enhanced visibility and smarter and faster decision making.

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.

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