Audit Planning Software

Streamline your audit planning process with LogicManager’s comprehensive Audit Planning solution package.
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What is Audit Planning?

When planning for an upcoming year’s audits, chances are that there are many more entities that could be audited than you have the time and resources to review. By taking a risk-based approach to your audits, you’re able to determine which entities pose the greatest risk to your organization and therefore identify which areas should be audited the most frequently. This can then drive your annual audit planning.

Creating a standardized audit planning process enables your organization to prioritize vitally important audit resources efficiently across the board. This makes audits more efficient as the key information such as scope, objectives, timelines and teams are thought through before the project begins.

Risks

So what happens if you don’t put any thought into your audits? You’re essentially failing to adequately serve your organization and leaving them more susceptible to risk. Failure to properly plan your audits might materialize into:

Lack of follow-up: This can lead to serious problems down the road if your board is found guilty of knowing about a problem and doing nothing about it.

Ignoring company culture: An audit that only addresses quantifiable data and does not delve into the right root cause – which in many cases is a toxic work environment – is ineffective.

Failure to provide reporting: If you’re not providing your organization’s front line employees with the information they need to successfully do their job, it can lead to significant negative impacts on your bottom line.

Achieve Audit Planning with LogicManager

Engage front line employees

LogicManager helps you engage front line employees who can act as an extension of internal audit, pointing out their biggest risks and inefficiencies. Then, you as the auditor can focus on helping them immediately and not waste time searching high and low for problems.

Maintain a centralized repository

As your audit progresses, all related information (workpapers, findings, etc.) can be found in the centralized audit repository, accessible to only the appropriate personnel. As opposed to searching through emails and network drives for a particular related document, LogicManager helps keep items organized and team members informed.

Increase efficiency

Audits that are properly planned ahead of time are more efficiently run, saving time and effort for your team and cutting down on FTE costs. On top of that, if each audit you undertake is more effective at closing gaps in a shorter amount of time, you’ll have the bandwidth to take on more projects, therefore revealing additional hidden risks and improving more processes.

LogicManager’s Audit Planning Solution

Here’s what you can expect with LogicManager’s Audit Planning solution package:

  • LogicManager offers out-of-the-box information to collect during your Audit Planning process. Through industry experience, we’ve compiled a standardized way to ensure every audit is fully and properly planned. This content can always be customized to fit your company’s exact needs.
  • LogicManager allows you to send automated tasks to decision makers in the Audit Planning process, eliminating the back and forth of email chains. Automated workflows ensure that every planned audit follows the same procedure and logic.
  • Once the audit planning is complete, find information about Audit Scheduling and Action Items in the Taxonomy area of the application. This will serve as a key resource to view updated to-do lists, action items, workpapers and more.
  • Leverage all the functionalities of a fully integrated GRC platform. This means your audits will be conducted on every area of the organization. By combining the efforts of both your audit and risk teams, you can create efficiencies and cut down on duplicate efforts for identifying top risks and critical controls.
  • Easily produce an audit calendar report, including when each audit will take place, what areas of the business are in scope, who is involved and more. This allows you to easily see the big picture of your audit plan for the year, or focus on one particular audit and see detailed information you are collecting across the board for each planned audit.
  • Report on individual audits once they are completed – that combines all work done within LogicManager – in an Audit Summary report. This wraps up the project by summarizing all of the planning info, tests, findings and overall conclusions.

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Audit Planning Tools

Want to learn how LogicManager’s Audit Planning solution package can help transform your audit program? Start by requesting a free demo today.

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