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GRC SOLUTIONS

INTERNAL AUDIT MANAGEMENT

What is audit management?

Audit Management is for Internal Audit teams that aim to go beyond the traditional way audits have been conducted and push the audit function into a strategic advisory role in their organization. Audit Management allows them to increase efficiency in their current processes with the power of data and automation, while offering deeper information so they can advise the C-suite and the board.

How can Audit Management help me?

The central objectives of the Internal Audit function are the following:

  • Demonstrate compliance with applicable laws and regulations (for example, SOX)
  • Improve the reliability of financial reports and prevent fraud
  • Improve operational efficiency
  • Reduce revenue leakage
  • Inform and provide guarantees in a timely manner to the CEO, CFO and the Board of Directors
  • Increase risk coverage
  • Automate the entire internal audit management process

Benefits of Audit Management?

Audit Management will provide teams with a well-managed program with greater visibility and efficiency to increase security and reduce costs.

A recent study by the respected Forrester found that Audit Management was able to:

  • Reduce the time it takes to complete an audit by 50%
  • Increase the number of audits carried out by 33%
  • Saving money by reducing problems
  • Earn money through better decision making
  • Increase security and confidence for management and investors.
  • Reduce leaks due to fraud or error
  • Reduce employee turnover and increase employee satisfaction.

Audit Management capabilities?

Internal audit teams using Audit Management will follow the process below. The above capabilities reduce or eliminate the pains we hear from our customers.

  1. Align business risks
  • Conduct a risk assessment based on industry best practices to focus and prioritize areas that will avoid material risks.
  • Request information from all commercial and external advisors.

  1. Set up your audit plan, processes, narratives and entity structure
  • Model your organization structure to reflect regions, systems, or business units.
  • Centralize your risk and controls library to streamline and harmonize your controls.
  • Access predefined risk and control matrices that align with industry standards and regulations.
  • Collaborate with the rest of the company to collect your processes, narratives, flowcharts, and more.

  1. Carrying out control tests
  • Test controls and attach evidence directly within the cloud tool.
  • Analyze transactional data in real time to detect leaks and fraud.
  • Automate testing and real-time monitoring of controls with robotics.
  • Automate workflows, notifications, and to-do lists to ensure tasks are completed on time.

  1. Identify findings and correct
  • Track, remediate, and report deficiencies/issues/findings.
  • Automate action plans and assign people to follow up.
  • Attach evidence directly within the cloud tool.
  • Collaborate with process owners when issues or deficiencies are noted.
  • Escalate and report issues.

  1. Brief executives and provide recommendations
  • Monitor KPI and KRI indicators through control panels.
  • Provide comprehensive reports to executives.
  • Follow-up and transfer of audits to the next cycle or year.

OUR CLIENTS

Who trusts RISCCO?

RISCCO IS YOUR PARTNER IN TECHNOLOGY RISK MANAGEMENT AND INTERNAL AUDIT

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