Internal Audit Management
Adlar Group provides our clients with an internal audit management software system to facilitate the monitoring of Audits, tracking of Audit Findings and Action Plans. Our cloud-based internal audit management software system features all the capabilities that senior managers need to stay ahead of the curve. The internal audit management and tracking software updates records automatically, maintains audit trails and stores files in a central repository. In addition, the graphs and tables in this audit management and tracking software make it easy to identify areas where you can improve and where to focus.
When it comes to Internal Audit Management, having a software system that facilitates internal audit analysis helps with managing the multitude of projects, team members, and processes is also key. This includes regular status meetings, plus clear communication between each team member in order for the data to be accurate and updated in a timely manner. Furthermore, when it comes to presenting the internal audit data, organizations tend to follow different structures. Depending upon the organizational culture, one large meeting may be organized where all team leads participate and update the Head of Audit on the progress of the project. Conversely, multiple meetings may be held by the VP of Internal Audit and each team will update him/her on the status of each project. These meetings work as a means to keep the teams on track and facilitate transparency across the function. Internal Audit Senior Management not only needs to know about the status of the Audit, they also need to know the status of findings through internal audit analysis and agreed action plans, for internal and external communication. Depending upon the frequency of these meetings and status reports, an internal audit team may allocate up to 15-20% of their resources preparing and consolidating statuses and internal audit analysis.
Hence, internal audit management software requires the maintenance of large amounts of data to generate reports for Audit Committees, Boards, and Internal and External Stakeholders thus making it easy to manage and track. Typically in order for data to be shared from the internal audit management software, organizations rely on email communication to fill and send out templates that are then consolidated and presented to the Head of Office. The amount of resources required to update the data in the software, prepare the reports, and hold meetings can be quite costly for the organization. Not only do manual reports take a significant amount of time to prepare and go through the internal audit analysis process, the data is often outdated by the time it’s presented.
How Our Audit Tracking Software Streamline Your Work?
Our internal audit tracking software automates the flow of data, thus reducing the amount of time audit staff need to spend maintaining internal audit records. A good internal audit tracking software has functionalities to prepare and report status of Audits, Findings, and Action Plans as well as time management. In addition, our internal audit management and tracking software can retain audit trails, as well as reviews and approvals within the system. When communication between the Auditor and the Finding and Action owner is retained in the system, the maintenance and organization of internal audit management is successful.
Key Features of our Software & Analysis
STATUS – Our system includes three dashboards and extensive charts covering all aspects of the analysis of Audit Plans i.e. internal audit analysis, Audit Projects, Findings and Action Plans. These charts contain extensive amounts of data and filtering options which helps with comprehensive tracking. A click on any section of a chart or graph opens a tab with supporting data that can be exported into a Microsoft Excel file.
WORKFLOW – Numerous workflows have been built in the internal audit management system that include review and approval features. These functions retain records of review and approvals along with comments for future references and Audit Trails.
REPORTS – Numerous customizable reports are available and contain charts, graphs and tables which makes it easier to track and analyze your progress. Also, this feature makes the user interface easy to navigate and eliminates the need to memorize the names or locations of reports in the menu.
TASKS – Each user has the ability to see the Tasks menu with the number of tasks appearing next to it. This feature is fully customizable and eliminates unnecessary email reminders to staff, thus reducing last minute challenges and grief.
FULLY CUSTOMIZABLE – Our cloud-based Risk Assessment & Internal Audit Management Solution is fully customizable, not a one-size-fits-all piece of software. If you require features that are not currently listed, Adlar Group can build in these features to meet your needs.
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