Internal Audit Software

 

Overview of Internal Audit Software

Internal Audit is an important function of an organization. If the department is not able to manage the audit process efficiently, then it is not able to maximize its value to the organization. Automation is one way to effectively make significant value addition.

A good solution is one that is an integrated framework - risk assessment, audit planning, scheduling, fieldwork, reporting and tracking exceptions; web-enabled; user friendly; client-server framework

Key Features of an Internal Audit Software

  • Provides real-time status of all ongoing audits, category-wise audit observations, aging of open observations
  • Plan location-wise and process-wise audits and assign audits to in-house/external auditors along with expected start/end dates
  • Facilitates risk-based approach wherein RCM and linked audit steps can be uploaded for each location
  • Automatic reminders for audit start dates and facility to kick off the  audits and assign processes to individual auditors
  • Reminders and escalations for adherence to audit timelines, management responses, etc.
  • Workflows for actual audit, audit work paper upload, document review, online auditee comments over the observations
  • Facility to generate audit reports in a pre-designed report format in Word & Excel (any format) and PPT
  • Facilitates a comprehensive database  of audit papers, reports, and management presentations with archival and retrieval  options
  • Effective tracking of Open Audit Observations and their aging
  • Interlinking of Internal Audits and Control Testing under IFC to reduce duplication of efforts

 

To request a demo of the internal audit software, please email info@riskpro.in