The Transformative Power of Audit Management Technology

Every business knows that audits are an essential tool to discover vulnerabilities and understand the root cause behind the problems being faced by the business. What many businesses do not realize, however, is that their auditing capabilities are optimized with a streamlined audit management system. Improving the way an organization plans and carries out audits can help auditors gain more insights at a larger scope while using fewer resources.

Limits of Manual Auditing

Performing an audit requires three different types of resources – people, time, budget. What may be surprising is that budget is often the least limiting factor out of these three. The real problem is that an in-depth audit requires a lot of people to spend a lot of time on the audit. This is very hard to accomplish in a fast-paced sector such as the financial sector. There are no pauses in the world of finance, it’s one of the most dynamic business environments for the organizations. No one business can afford to have their teams commit their full efforts and time for audits and ignore the other tasks that they have. In manufacturing businesses, it is often common to have downtime when the supply lines are temporarily shut down, so everything can be audited and assessed. This is simply not possible in the world of finance.

How Audit Management Technology Transforms Audits

The transformative power of audit management technology lies in its ability to automate some of the most time intensive parts of auditing as well as improvements in the way audit results are disseminated throughout the enterprise. Not only does the technology help the organization in conducting audits, but it also helps the organization in implementing the changes that are recommended in the audit findings.

Another major advantage of audit measuring technology is that it centralizes all the work and communication that needs to happen regarding an audit which can significantly simplify the audit process and speed it up. Without audit management technology the audit begins with the Auditor getting in touch with all the people via email and then working on an initial report and creating a document, that defines the scope of the audit. This document is then shared with all the people involved in the audit process. The auditor must then send multiple emails to multiple people and then keep track of all the different conversations in their email inbox while adding the required information to the documents.

Audit management solutions provide a centralized platform where all the communication can take place. This means that instead of the record information being spread out in many different email inboxes across different email threads, everything is easily available to the auditors. This fulfills the true aim of audits – to provide clarity about the issues being faced within the organization. Instead of the important information being stored away in a file somewhere, it is available to be viewed by all stakeholders.

Improving the way an organization plans and carries out audits can help auditors gain more insights at a larger scope while using fewer resources. Click To Tweet

Increasing Audit Scopes

Audit frequency is not the only thing that is transformed by audit management technology. This technology can also significantly improve the scope of audits which a business can have in a calendar year. The automation of some of the most time intensive parts of the audit process means that auditors now have more time to spend on the actual auditing. Businesses which have audit management solutions can thus increase the scopes of their audits, which provides them with Better Business intelligence and allows them to discover more vulnerabilities in their risk and compliance management frameworks.

Audit Results and Findings

The way audit management solutions enable a business to implement the changes recommended by audits, it is also a major reason as this technology is beneficial for the businesses. When a manager looks at the audit findings, he or she can click on it and create tasks for the employee to act on the recommendations in the audit. There is no need to send separate emails to the employees telling them all about what the audit found and then send follow up emails to find out whether they did the work they were required to do or not.

Instead, the manager can simply create a task within the audit management platform and an assigned employee can look at all the audit details within the platform and post updates about task progress at the same platform. The manager who created the task gets notifications about the updates. Instead of having to ask for updates, the managers get a real time view of task progression across the enterprise.

Interested in finding out how an audit management solution can help your organization? Get in touch with our experts for a demonstration of our cloud-based audit management solution.