Internal Audit is an important function of an organisation. If the department is not able to manage the audit process efficiently, then it is not able maximise its value to the organisation. Automation is one way to effectively make a significant value addition.
Key Features of an Internal Audit Software
A good solutions is one that is an integrated framework - risk assessment, audit planning, scheduling, fieldwork, reporting and tracking exceptions; web enabled; user friendly; client-server framework Most audit management solutions provide the following modules as part of the standard offerings. Audit planning
- Design and roll out of audt program, notification to auditee
- Work paper creation and carrying out the internal audit
- Observations and issue creation
- Follow up on open items/audit observations
- Automated Audit Reporting facility
Cloud based versus perpetual
- Today, many solutions are offered either as a cloud based SaaS models or traditional license based solutions.
- Cloud based internal audit solutions are inexpensive browser based system that can be in the cloud. These options might be ideal for smaller companies.
Audit PlanningThe core of any internal audit software is Audit Planning. You can carry out risk based internal audits, audit planning based on Risk Registers maintained by Business Unit as we as RCSA exercises carried out. Self Assessment of Risk and Controls provides a good guidance on the Audit units to be considered for the current year. Audit Planning Setup includes
- Defining audit universe - audit units planned for the current year
- Audit Universe can be linked to Business Lines, Process, Function, Location or a combination or these or similar categorisation.
- Defining the audit team that will carry out the audit
- Creation of Audit Programs using the vast repository of audit procedures, replicating fromprior years or creating your own audit procedures.
Audit ExecutionFieldwork or audit execution involves recording test results and saving fieldwork documentation. Since it is a centralized web based tool, all documentations, audit work papers are properly filed and linked to audit procedures for easy references and retrieval. Create corrective and preventive recommendations for improvements in identified observations. Auditee create action plan, assign responsibility and sets deadline in response to the suggested recommendations. Automatically reminds auditee to update status on pending action plan activities. Automatically escalates activities that remain incomplete after certain no. of days from due date of the activity.
Audit Observations and Open ItemsAll the automation has no meaning if the audit observations are not properly tracked,escalated and acted upon. This is the primary reason that Riskpro has focused a lot of attention in building a robust framework for tracking. Create observations related to a control, policy or procedure. Quickly fetch the list of open observations by audit area, auditee, department or SBU. Track completion status of all open observation based on completion of action plan created Audit observations are integrated as part of overall business issues and action plan thereby giving it the importance it deserves. Automated alerts can be setup by email or SMS for overdue audit points, upcoming points, audit observation reminders and so on. All audit observations are categorized in terms of priority, audit report reference, due dates. Unlimited auditee can participate in the complete audit management and respond to audit points, update the audit observation/close them. This enables audit department to focus more attention on actual audits rather than manage open audit observations in excel.
Audit ReportingKey Audit Reports are in built in the system as off the shelf reports. There are over 20+ reports giving different views and summary of audit status, fieldwork status, review status, audit observation status, overdue audit observation and more. Additional reports can be created for your specific needs. If clients prefer flexibility in reporting and charting, then the data can be linked to Excel or other reporting tool and unlimited reports created. All reports can be saved as PDF and key reports can be exported to Excel.
Which solution is the right fit for me.
- Prior to deciding on a product, perform a self-assessment to determine your needs based on your Audit Methodology.
- Look seriously at the support model of the Vendor.
- Don't choose a package that satisfies your IA or GRC needs today but one that you can grow into and not require replacement in two years.
- Choose a solution that is user friendly and can do a lot more with fewer click. You want to spend more time auditing rather than clicking all the time to get the task done.
- Should be very simple, easy to understand, easy to implement
Also ReadWhat is the impact of the implementation of internal audit software on departmental productivity Benefits of Internal Audit Software
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