Internal Audit Management
Internal Audit Management provides a range of internal audit activities, data, and processes in an integrated and unified manner. The module provides a streamlined and standardized internal audit lifecycle, minimizing redundancies and inconsistencies. It also improves collaboration and information-sharing on audit activities by providing a real time view of the audit process to support intelligent risk-based audits.
There are many facets to the functioning and use of our Internal Audit Management process. Internal Auditing involves a cross examination of progress and constant policing of employees to ensure that the compliances are handled seamlessly. Our Internal Audit Management focuses on automating the entire process to provide a digital outlook to the whole system without having to rely on another person to follow-up. Ambiguity is a problem in the current system because we have no idea if the Internal Audit processes are followed properly in system rather than depending upon multiple sources like excel sheets, notebooks, etc for handling compliance issues. Human Error is another issue that is prevented by computerizing and automating the entire process. Both these problems are nonexistent in our completely automated Internal Management system.
With our system in place all that is left to do is for a single person to observe the system at work every once in a while, without having to constantly maintain a manual or mental record of the projects at hand .
- An Internal Audit Tracking system that allows us to track the progress of system. It allows us to see if deadlines are being met, if all the audits in the company are on track etc . It also gives the company the ability to look into the progress of any audit if required.
- An Internal Audit Planning and Scheduling system that allows us to set deadlines and work schedules for each week. It gives us the freedom to set the rate of development in each project and subsequently permit the Internal Audit Tracking System to follow-up on the same, on the specified deadlines.
- An Internal Audit Activity Planning system that decides when to intervene and provide an activity to set things right. Automatic reminders and escalation mails are sent to the relevant auditors to ensure that the audit is on track. This also helps enable the risk analytics to identify which compliance issues are likely to arise, what issues are repeating, why they are repeating, etc.