The proliferation of audit management technologies for internal audit departments has become a key topic for many organisations worldwide. But what does internal audit management mean to them? Does it mean just a simple tick of a box to present to the Board at a monthly meeting or something more than this?
Today, we’ll look at how technologies can enable auditors to perform relevant tasks and explore benefits they can bring to their organisations in order to achieve one common goal – improve efficiencies and make crucial cost and time savings.
Effective internal audit management is a key requirement for every organisation in order to ensure compliance with ever changing rules and industry regulations. It contributes to a well-organised company structure by enabling auditors to simplify the workflow and to collaborate more effectively with each other.
For many organisations audit management is still conducted via standard office productivity tools, such as spreadsheets and email applications which use shared drives for team members to access information. Although such methods are relatively flexible and easy to use, they are also limited in terms of functionality and security. They also require a significant amount of effort from end users in order to maintain them. Spreadsheets don’t provide a secure multi user environment, and are subject to unintentional changes, deletion, and inconsistencies.
As technology evolved over time and audit management software entered the global market, many organisations started looking into more efficient ways of carrying out audits and quickly saw the benefits of utilizing software solutions, such as improving quality and making significant savings in terms of time and cost. Software today enables teams to collaborate more effectively, and to work remotely saving travel costs and increasing productivity. These benefits are already seen in internal audit departments of companies such as Heineken, BDO, BBVAand Van Lanschot.
Challenges for auditors
Internal audit brings many challenges and risks for auditors globally. Common factors are:
- Ensuring audit activity focuses on key risks
- Understanding the “Big Picture”
- Providing the right level of assurance to stakeholders
- Maximizing limited audit resources
- Adding value to the organisation
- Insightful, accurate, timely and relevant reporting
- Ensuring that actions arising from audits are implemented
But with every challenge there comes a solution. In order to overcome these challenges auditors are now, more than ever, presented with array of technological options. The right software can establish an audit universe (organisational structures and processes / heat maps), provide a knowledge base (libraries), automate the audit process, and assist in developing effective Computer Assisted Audit Techniques (CAATS).
In summary, internal audit management software can significantly improve the efficiency and effectiveness of audit teams, and by reducing time spent on audit administration it enables auditors to contribute more to protect the company’s reputation and safeguard its assets.
So why not discover the real benefits of it in your organisation?
Risk-based audit optimisation approach
Ideagen’s Pentana is fully integrated risk-based audit optimisation application which brings audit universe, libraries and automation into one integrated solution. The software is the result of a 25 years’ experience in supplying systems which optimise audit productivity, compliance and provide high quality, timely management information. Comprising audit best practice, risk library content, easy deployment and a modern user interface for both online and offline working, Pentana has an unrivalled pedigree in audit and risk management.
With Pentana you can achieve improved efficiencies and corporate governance via the following 5 key approaches:
- Holistic risk management (ERM) / 3 Lines of Defence
- Improved quality of Internal Audit whilst reducing costs
- Increased level of assurance (and confidence) to stakeholders and decision makers
- Better organisational resilience – “hindsight in advance”
- Help with attaining business objectives
Take control of your internal audit department
With continuous demands put on auditors, the requirement of having an integrated spreadsheet-free audit management solution is here to stay. Don’t let your risks slip through the net and save your company time, money and protect its reputation with a real audit management solution.