Take a risk-based approach
We understand that time and resources are not infinite; taking a risk-based approach to your audit program ensures that you are maximizing both. Reporting on the work done by risk and compliance teams as part of the audit increases the opportunity for significant findings and trends for that audit which could be essential to the final audit conclusion.
Maintain employee engagement
Keep relevant parties engaged throughout the audit parties via automated reports, notifications and tasks as appropriate. Easily summarize team progress over time through task reports demonstrating the upcoming action items or narrative reports presenting outstanding or important results that have come in without needing to track individuals down for those updates.
Audits are not free. An automated, centralized platform allows auditors to operate and communicate more efficiently, saving hundreds of hours over the course of several audits. This also ensures that there’s no backlog of auditable entities, and that your organization has the documentation to provide to regulators, shareholders or other appropriate parties that your programs have their i’s dotted and t’s crossed. An audit program that is up to date helps you avoid unnecessary fines or penalties.
Provide insights easily
Reports can be programmed or filtered to highlight only significant findings or aspects to senior auditors as the audit progresses. This ensures they’re not overwhelmed with unnecessary data and are only dealing with aspects that are pertinent to the completion of a successful audit. The process of generating a clear, insightful report is much easier when you’re working in a centralized system that stores all relevant information.