Audit Scoping & Universe Planning Software
LogicManager’s risk-based audit management software helps prioritize business goals, operational objectives, and key processes to add efficiency to audit planning and execution.
Why is a Risk-Based Approach to Audit Scoping and Universe Planning important?
LogicManager’s Audit Scoping & Universe Planning Solution
Here’s what you can expect with LogicManager’s Audit Scoping & Universe Planning solution package:
- LogicManager allows you to send automated tasks to decision makers in the planning and scoping process, eliminating the back and forth of email chains. Automated workflows also ensure that every planned audit follows the same procedure and logic.
- Customize your homescreen to appeal to the right user. Set up unique profiles that correspond to LogicManager roles, like providing quick access to everyday users’ most important action items or your executives’ favorite reports.
- Use our robust reporting engine to easily build custom, comprehensive reports in an easy-to-use, drag-and-drop interface. If you’re not sure where to start, our reporting catalog offers dozens of reports out of the box:
- 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 provides a holistic view of your audit universe for the year, and can also help you focus in on one particular audit to see detailed information 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.
- Through in-app dashboards, you’re able to get quick insight into which audits you have coming up and where exactly you’re allocating your limited time and resources.
Achieve Audit Scoping & Universe Planning with LogicManager
Engage frontline employees
LogicManager helps you engage frontline 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 effectiveness & efficiencies
Audits that are properly planned ahead of time create a more defined scope for you to review, which then allows you to give more actionable feedback. Additionally, planning allows your audits to be 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.
What is Audit Scoping and Universe 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 audit scoping process, 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 universe planning.
Creating a standardized process for audit scoping and universe planning enables your organization to prioritize vitally important audit resources efficiently across the board. This makes audits more efficient overall, as the key information such as scope, objectives, timelines and teams are thought through before the project begins.
So what happens if you don’t scope and plan out your audits? You’re essentially failing to adequately serve your organization and leaving them more susceptible to risk. This 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 frontline employees with the information they need to successfully do their job, it can lead to significant negative impacts on your bottom line.
Learn How LogicManager’s Audit Scoping & Planning Tools Software Can Help Transform Your Audit Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.