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How to Manage Increasing Internal Audit Needs with Less Resources?

Posted by: Andrew Hunt | September 22, 2017

Home/ Blog / How to Manage Increasing Internal Audit Needs with Less Resources?

An internal audit comprises of different activities like examination, monitoring, and analysis of functions related to a company’s operations. It helps in checking on employees’ behavior and information systems. Internal audit regulations like the Sarbanes-Oxley Act have considerably increased corporate requirements for performing internal audits.

In the modern corporate world, audits have become an integral component of an organization’s risk management policies. Audits are an impartial examination of an organization’s financial and non-financial records. Audits evaluate processes and check if they effectively represent the ground realities of an organization. Such is the scope of audits that managing them has become a necessity for an organization to work properly. The internal audits help in identifying issues, while they are still in their initial stages. This helps in eradicating problems before they turn into major hazards for the whole organization.

How to Manage Increasing Internal Audit Needs with Less Resources

Managing Internal Audits with Audit Management Software

Audit management is the process of ensuring the correct implementation of audit directives which are approved by the board. The process of Audit Management can only be successful if it can streamline the workflow and align the auditing team’s coordination correctly.

Making use of Artificial Intelligence (AI) has led to the creation of the automated Audit Management Software. This software can be used for managing audits and overcoming the challenges posed by increasing demand for internal audits. An Internal Audit Management Software can:

  • Offer highly integrated approach for managing the entire life cycle of audit management processes
  • It can adjust to fluctuating market conditions and an ever-changing business landscape, providing you appropriate solutions for every situation

AI powered Audit Management Software supports organization’s governance and risk management policies which greatly helps in reducing risk also reduces the time and effort involved in preparing for and conducting audits. The Internal Audit Management Software makes the day-to-day work easy by standardizing methods and automating repetitive tasks. Hence, it helps in boosting the performance and effectiveness of the entire auditing process.

As an AI powered Audit Management Software automates the process, it leverages Natural Language Processing technology to help augment the existing staff and further reduce their effort in managing their numerous regulatory requirements.

Predict 360’s Audit Management Software

From the discussion above, we have clearly established that making use of an artificial intelligence (AI) enabled web based solution is the perfect way to manage increased number of internal audits. Predict 360’s Audit Management Software comes with an end-to-end functionality for managing complete audit life-cycle. Based on the Institute of Internal Auditors (IIA) standards, it includes functionalities like field data collection, checklists, development of audit reports, corrective audit planning, and preventive action (CAPA).

Functions of an Automated Audit Management System

Some of the functions that separate AI software from rudimentary software and allows it to perform much better are listed below:

  1. Determines audit scope by completing dynamic risk assessments of the audit sphere
  2. Use assessment results in combination with past audit history for automating the scheduling of audit engagements
  3. Executes customer specific processes as the result of an audit, survey, gap analysis or inspection
  4. Allows audit questions to be mapped directly to the regulatory requirements, standards requirements and business objectives that drive them, which allows for better coverage and extensive reporting
  5. Comes with flexible data-gathering and aggregation framework which helps customers in setting up any type of audit they want

How to procure and Enhance Predict360’s Audit Management Software?

Predict360’s risk-based Audit Management Software 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.

For more information about Audit Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite at https://www.360factors.com/.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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