How Can Audit & Finding Monitoring Help Your Business Thrive?

Having an effective internal audit management system can add value to your organization by identifying the processes required to make improvements, and communicate them to your internal audit team. By having an audit and finding monitoring system with cloud insights in place, your internal auditor can assess any issues identified during the audit and alert the auditee or management to prepare an action plan stating how the finding will be mitigated. The monitoring and management of audits, findings, and action plans are some of the key responsibilities for an audit function. As such, these reports directly affect the Audit Committee, Senior Management, and external stakeholders by easily accessing audit software’s cloud insights.

audit management cloud insights system

How Do Internal Audit Functions without a robust Internal Audit Management Software Systems Operate?

cloud insights audit management system

Without a robust Internal Audit Management Software System, Internal Audit teams maintain a log of audit reports, findings and action plans by manually inputting data into an Excel file inside the system. Multiple fields in the audit management’s spreadsheet are updated with vital information and are then used to analyze and generate various reports for senior management and the audit committee through a system called cloud insights. The Internal Audit Committee communicates the status of audit management system findings through a series of emails to maintain an audit trail. The emails are then stored and summarized as working documents to close the finding. The action Owner, upon completion of the agreed action plan, emails the supporting documentation evidencing completion of the action plan to the auditor. Upon review the auditor updates the Excel file accordingly in the audit management system. As one can see, this is quite a long string of tasks and communications trails. 

Not only does this manual process take a vast amount of time and resources, but it also raises concerns about the accuracy and reliability of the data. Missed emails can lead to embarrassing mistakes, data becomes outdated quickly and inaccurate audit findings lead to reports and analyses needing to be re-worked and redefined. Furthermore, these bottlenecks can result in teams working late to meet deadlines and cause frustration with employees.

How our Cloud-Based insights Can Improve Your Workflow

Adlar Group’s Internal Audit Management system was created based on cloud insights and improving productivity. With a cloud-based insights internal audit management solution system along with cloud insights, information can be shared in one centralized location. Data is updated in real-time and can be shared in a multitude of reports and charts. Furthermore, instead of communicating via email or sending out reminders, our internal audit management system creates due date notifications as well as alerts for delays informing management or stakeholders to act accordingly. This functionality not only reduces manual intervention, it saves time and resources for the internal audit function. 

Another advantage of having an audit management system based on cloud-insights is the ability to work remotely. Through this system’s flexibility, teams are able to review the data and access the platform anytime, anywhere. Not only does a cloud-based solution system assist with business continuity plans during emergency situations, it allows teams to work remotely at any given time through its cloud insights. With a generic browser and secure internet connection, team members can access the audit management system in just a few clicks.

cloud insights audit management system

Through the internal audit process in Adlar’s audit management system, tasks continue to be executed, and unexpected requests continually occur. As new information is entered, the audit management system will send a single notification to all users through its cloud insights who need to log in and update records in accordance with relevant audits, finding plans, and action plans. At this time, the audit management system with the cloud insights will also update the customizable charts and tables automatically –requiring no manual processing. Users can update their tasks and cloud insights inside the audit management system, making e-mails and meeting set-up obsolete by amalgamating all communications into one central place.

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