Audit Test Of Controls Software

Audits aren’t easy, but we all know they’re important. Implementing LogicManager’s control testing solution package can help you streamline your audit management program
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What is An Audit Test Of Controls?

Control testing is one of the most fundamental processes within your audit management program. But without an integrated audit management software, completing the tasks associated with testing can cause headaches. 

On top of the administrative pain points associated with control testing, without a single framework, it can be a subjective process that leads to inaccurate results and ultimately exposes your organization to risk.

LogicManager’s control testing solution package erases all of your pain points in one fell swoop. Read on to learn how.  

Risks

Missing risk exposure leaves any organization vulnerable to threats that they might otherwise be able to protect themselves from completely. No matter how important it is to eliminate blind spots, testing controls can be a cumbersome and lengthy process that exhausts FTEs and other critical resources. 

Oftentimes, audit requests have a tight turnaround time. Without automated tools, your testing procedures may require such extensive administrative efforts that the deliverables are not completed in time to make the deadline. 

Perhaps your testing is automated, but unorganized. An unorganized testing process can result in duplicative efforts or missed information. It can also lead to tests not being performed correctly and leaving your blind to key vulnerabilities.

Achieve Control Testing with LogicManager

Maintain a centralized repository

A strong testing program enables you to provide evidence that your controls are working effectively to any stakeholders, be that your board, external auditors or examiners. Keeping a centralized repository of all of the testing you’re performing allows you to easily produce evidence on the overall strength of your program. Should any stakeholder wish to drill into those results further, you’ll be able to provide them with those details.

Identify areas for improvement

As an auditor, it’s your job to determine where there are opportunities to improve your programs so that your organization can defend itself against undue risk. By performing ongoing reviews of your controls, you can easily identify areas where you’re less protected than you may have realized and ultimately redesign controls for reinforcement.

LogicManager’s Control Testing Solution for Audit Management

Here’s what you can expect with LogicManager’s control testing solution package designed specifically for your audit management program: 

  • LogicManager provides a configurable test design to automate the collection of results from end users and establish a set testing cycle, eliminating the need to track people down. Assigning tasks to users helps you to easily spot bottlenecks in your audit management program.
  • Identify gaps in your organization by creating many-to-many relationships between controls and tests. Neatly tracking all relevant relationships between the controls directly in LogicManager keeps things much more manageable than they ever would be on a spreadsheet.
  • Upload supporting documentation to your testing results to provide context and keep all testing evidence in one location. You can even perform in-app document editing, making updating paperwork easy and efficient.
  • Our reporting capabilities make it easy to produce visual support for your findings and conclusions. The most widely used reports for audit management include our Last Test Results report and Testing Dashboard

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Audit Test Of Controls Tools

LogicManager can help you go the extra mile on your audit management duties.
See how you can leverage our control testing solution package on a free demo today!

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