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Why Automated Audit Management System is Important?

Posted by: Sarah Hamilton | September 6, 2017

Home/ Blog / Why Automated Audit Management System is Important?

During its operations, an organization has to contend with a number of challenges every day. Every function requires certain guidelines and rules to be followed, which makes the task even tougher. The rules laid out are sometimes difficult to observe and employees are known to flout them whenever they are under pressure due to heavy workload. Simply hoping that a staff will abide by all the instructions meted out to them is expecting too much. In order to make sure organizations stay compliant at all times with regulations; audits have been made necessary.

Audits are the 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 correctly.

Why Automated Audit Management System is Important?

Audit Management and Audit Management Software

Audit management can help you ensure the correct implementation of audit directives which are approved by the board. An audit management process can only be successful if it can streamline the workflow and align the auditing team’s coordination correctly. In order to conceptualize software that can help manage the audit process while streamlining the whole workflow, Artificial Intelligence (AI) has been used. This has led to the creation of the automated Audit Management Software which can be used for managing audits and overcoming challenges. An Internal Audit Management Software is able to:

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

Real World Challenges and the Solution

Laws like Dodd-Frank, Bank Secrecy Act/ Anti- Money Laundering, and The Foreign Corrupt Practices Act have resulted in greater complexity in audit management. These days we see a number of enterprises like banks and multinational companies getting muddled into controversies due to the incorrect management of their resources. Audits performed by regulatory bodies come across as an eye-opener to these companies and only once they are caught, they learn to follow the rules.

Instead of letting the audits catch you, it is much better to invest in software that can manage audits in a better way. Managing your resources better by making use of AI powered Audit Management Software is the need of the hour. This software supports organization’s governance and risk management policies which helps in reducing risk dramatically and also lessens 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.

Predict 360’s Audit Management Software for better Audit Management

Making use of an artificial intelligence (AI) enabled web based solution is the perfect way to prepare for the audits. This software comes with an end-to-end functionality for managing complete audit life-cycle. This software is based on the Institute of Internal Auditors (IIA) standards and it includes functionalities like field data collection, audit planning, checklists, development of audit reports, and corrective and preventive action.

Importance of Automated Audit Management System

The automated Audit Management Software is very important for an organization because using it makes a lot of difference. With amazing features, it helps in managing the complete audit lifecycle. A few functions that it performs which makes it extremely useful for an organization are listed below:

  • Executes customer specific processes as the result of an audit, survey, gap analysis or inspection
  • 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
  • Determines audit scope by completing dynamic risk assessments of the company’s audit sphere
  • Use assessment results in combination with past audit history for automating the scheduling of audit engagements
  • 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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