(Covid-19) Has your company prepared its contingency plan? How will your Internal Audit fare during these uncertain times?
It seems that every day brings major developments in the new COVID-19 reality. We are seeing an escalating trend toward remote work as companies institute work from home policies while many have closed their offices and retail locations altogether. As more companies implement their business continuity plans, resources are being invested in critical operations that affect customers and third parties. When it comes to Internal Audit, it is often considered to be the third line of defense in an organization.
Being a cost center, Internal Audit has a tendency to be placed at the lower end, if not at the very end of the critical functions list for business continuity planning. In the event of an unforeseen event resulting in business interruptions, or office closures requiring employees to work remotely, job roles at the bottom of the priority list pay the highest price. Internal Audit being one of them, also feels the effects. They begin relying on emails to continue working, they start tracking and saving emails as audit trails, and the review and approval of tasks becomes increasingly inefficient. Not only does this slow down the productivity of audit staff, it causes employee dissatisfaction and frustration. In some organizations, internal audit stops operating altogether, or operations become limited to critical functions such as responding to senior management requests or regulatory requirements.
With the lack of a robust business continuity plan and software solution, it reduces the Internal Audit’s productivity and leads to the inability of meeting annual commitments to audit committees and regulators. Furthermore, it wastes company resources as employees becomes less productive. An adequate platform is needed in order to allow Auditors to work remotely, coordinate an audit, plus assign, review and approve various tasks and documents. Now more than ever, it is vital to have a cloud-based platform allowing individuals to login from anywhere, and to continue the flow of business.
Adlar Group can help
Our Internal Audit Management System is the key solution to deal with our current situation, as well as into the future. The key features of this software include:
- Cloud-based solutions providing access anytime, anywhere. All you need is an internet connection and a web browser
- No installation is required – simply type in your login credentials to the secured online portal
- Gain access to simple, customizable work flows
- The software can be set up within a day and is ready to use right away (depending upon customization required)
- Work flow and approvals are recorded in the system as an audit trail
- Communication between the auditor and auditee is all centralized within the system
- Audit Senior Management can view the status of audit plans, audits, findings and action plans in the system with just a few clicks
- Easy to understand data charts and customizable reports
- Training material and user guidance is available through emails and over the phone
Adlar Internal Audit System is economical and is the most cost-effective software solution with business continuity plans built in for the Internal Audit function. This solution assists internal Auditors to continue working remotely and streamlines processes such as managing, executing and delivering audits. Our software solutions are the backbone of a Business Continuity Plan of an Internal Audit function and will allow your business to continue functioning within minutes. Contact us today for more information, or to book a free demo. Email us at firstname.lastname@example.org or visit our Internal audit management page.