Our internal audit management solution helps you plan, execute, and track internal audits to:
- Support your organization’s governance and risk management policies
- Improve the quality and effectiveness of your internal audit process
- Increase your internal audit department’s execution and monitoring capacity
Internal audit departments have to make sure that risk management policies are effective and pave the way for continuous improvement − while they cope with increasingly tighter budgets and limited resources.
Our internal audit management solution was developed to support internal audit managers and internal auditors throughout the internal audit process. It can be configured to fit the structure of your internal audit department and lets you develop a personalized interface for each user profile.
Our solution is based on the internal auditing best practices outlined in international standards and recommendations issued by industry organizations. It simplifies auditors’ day-to-day work by standardizing methods and automating repetitive tasks – thereby boosting the performance and effectiveness of the entire auditing process.
Preparation phase: Building an internal audit plan and allocating staff
With our solution, you can build an annual internal audit plan from the results of prior audits, action plans that have been implemented, the coverage of business processes and business units, and your organization’s risks. Information you enter about the skills and availability of your internal auditors is matched with the skill levels required for each particular audit. This ensures that your staff are allocated as effectively as possible based on your internal audit plan and its objectives. And our solution’s graphical tools make developing audit plans and allocating staff even easier.
Execution phase: Preparing and performing audits and delivering audit reports
Our solution automatically generates audit work programs. Data collection is made simple since observations can be supported with file attachments. The solution also produces tests in the form of questionnaires, which can be filled out in the software, and summarizes their results. Progress on audits and a review of the questionnaire results are tracked in the solution; the analysis, consolidation, and communication of audit results are carried out through a validation workflow at each step. The final audit report is generated automatically. All of these steps can also be performed offline.
Follow Up phase: Following up on recommendations
Recommendations are created directly in the solution and aggregated with the audit test results. Action plans are drawn up based on deficiencies identified by the audits. Reports and dashboards – available in standard formats that can easily be customized – help you follow up on recommendations.
Our internal audit management solution is powered by HOPEX, our signature platform that supports all our enterprise governance solutions. Our comprehensive approach gives you a more complete vision of your organization by incorporating auditing aspects into representations of your company’s assets, capabilities, and strategy, thus enabling more informed decision-making that takes potential threats into account.
Used in conjunction with our other corporate governance solutions, our internal audit management solution gives your internal auditors an enterprise-wide governance framework and your top executives a 360° view of your operations.
Our internal audit management solution is powered by HOPEX, our signature platform. Secure data access, workflows, and reports can be configured for each user profile. The solution is designed to support audit directors, audit managers, and auditors at every stage of internal audit process implementation.
The solution’s collaborative workspace and shared repository ensure that all of the data and documentation required to execute and track internal audits are shared, traceable, and secure.
The standard configuration is based on recommendations and best practices developed by leading professional organizations, international standards, and MEGA’s years of experience in the field of internal audits. Our turnkey solution can also be configured to fit your internal audit department’s particular structure and methods.
Our internal audit management solution covers the entire internal audit process. The standard configuration offers the following features for each user profile:
1. Preparation phase: Building an internal audit plan and allocating staff
Building an audit plan – Internal audit managers
- Audit plans are built based on the results of prior audits, action plans that have been implemented, the audit scope (i.e., which business processes and business units), and your organization’s main risks
- A workflow is used to prioritize and approve the list of audits to perform
- Classification can be carried out according to SOX 404 analysis
Allocating and managing staff – Internal audit managers
- Graphical tools like Gantt and Kiviat diagrams are used to keep track of internal auditors’ skills and availability
- Internal auditors are assigned audits so as to best match skills with the required level of expertise
2. Execution phase: Preparing and performing audits and delivering audit reports
Preparing audits – Internal audit managers
- The scope of audits is established, including the risks to be audited
- Notification letters are generated automatically from a standard template that can be customized
Writing and reviewing audit work programs – Lead internal auditors
- An audit work program is generated either manually or automatically using predetermined templates and checklists
- Reports and dashboards are used to assign auditing tasks according to internal auditors’ skills and availability
Completing audit tasks – Internal auditors
- Auditing tasks are performed with the help of worksheets previously generated in the solution
- Observations are entered based on the results of tests in the form of questionnaires
- Recommendations are written and linked to one or more observations
- Supporting documents and images can be attached
Supervising and reviewing audits – Lead internal auditors
- A workflow is used to track progress on audits and review observations, results, and recommendations
- Time spent and expenses for each auditor and audit are tracked
Generating the final audit report – Lead internal auditors
- The solution automatically generates the final audit report based on information entered during the audit
Approving the final audit report – Internal audit managers
- After the internal audit manager reviews and approves the final audit report, the results are communicated to the business units being audited through a workflow
All of the above steps can be performed offline.
3. Follow up phase: Following up on recommendations
Implementation and follow-up on recommendations – Internal audit managers and staff in charge of implementing recommendations
- Progress on action plans is tracked through reports with progress indicators and a list of selected criteria
- Alerts are automatically sent by email to make sure action plans are performed by the given deadline
Internal audit departments have to make sure that risk management policies are effective and pave the way for continuous improvement − while coping with increasingly tighter budgets and limited resources.
Our internal audit management solution helps internal audit departments efficiently plan, execute, and track internal audits, so that your enterprise can:
Support your organization’s governance and risk management policies
Our solution can generate different types of reports and dashboards to help you track the status of risks, compliance levels, and internal controls. They also make it easier to analyze your organization’s risk profile and performance. Because all information is centralized in a single shared repository, the data used to generate these reports are consistent and reliable. Decision-makers will have all the information they need to lead, control, and optimize your organization.
Improve the quality and effectiveness of your internal audit process
Our solution includes a wide range of features – like the ability to manage user rights, plan audits, manage internal auditors’ skills and availability, prepare audits (with a validation workflow), perform audits, review auditors’ observations and audit results, and follow up on recommendations – that simplify the internal audit process. You can be sure your audits address the relevant issues and are in line with your organization’s objectives since our solution integrates information about risk management and business processes. All information is centralized in a single shared repository associated with a validation workflow at each step, ensuring full data reliability and audit result transparency.
Increase your internal audit department’s execution and monitoring capacity
With our solution, you can easily follow the internal auditing best practices outlined in international standards and by industry organizations. It lets you automate tasks, like generating audit reports, and includes standard templates to save time. The collaborative workspace makes it easier to share knowledge and information, while a shared knowledge base centralizes all data, standards documentation, and results of prior audits so they can be easily consulted and reused.
Our internal audit management solution is powered by HOPEX, our signature platform integrating all MEGA enterprise governance software. That means you get greater synergies and collaborative efforts among departments, as well as a clear, shared view of key information about your organization.
As part of our corporate governance offering, our internal audit solution gives your auditors an enterprise-wide governance framework and your top executives a 360° view of your operations.
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