Internal audits provide independent, objective inspections and consultations in order to help organizations generate added value and improve their business processes. Audit management helps companies attain their goals by offering a systematic approach to evaluating and improving the effectiveness of risk management, controls and management processes.
Ensure that the methods and guidelines are followed correctly and efficiently across all legal entities, business units and processes.
Minimizing time and work
Reduce the time and work involved with external audits that are typically based on the results of internal audits.
Serve as the leading authority for additional, ad hoc audits in response to business issues that have suddenly emerged.
Companies will need to address several relevant challenges at an early stage of the audit software implementation to ensure that an audit is positioned as a trustworthy business consultation to improve internal and external processes, procedures and guidelines – and not as internal policing. They will need to fulfill the growing expectations from executives, the supervisory board and/or the audit committee with regard to the scope of the audit in spite of budget cuts and reduced personnel resources for audit management. The scope will also need to be extended to include new areas, such as cybersecurity audits, which require highly specialized knowledge from the audit team. Organizations and executives must also adjust their skill sets to new technologies and areas of expertise (e.g., AI, cybersecurity and RPA).