Through the establishment of clear policies, procedures, and metrics, audit management programs define performance benchmarks with scheduled reviews for continuous improvement. Effective audit management requires people, processes, and technology to work together effectively to achieve optimum results.
Modulo Risk Manager enables your organization to automate and complete the audit lifecycle by delivering an overall view of the audit program, including planning, scheduling, value- and risk-based prioritization, resourcing, management of audit procedures, and remediation tracking. This capability provides an optimized audit program delivering efficiencies in the audit process and risk measurement, and enables integration with other enterprise governance, risk management, and compliance processes.
The best practices summarized below highlight the essential requirements for automated audit management systems. These best practices, coupled with the human resource requirements, ensure sustained compliance and help minimize regulatory risk.
How Modulo Risk Manager helps your organization with audit management:
- Documents targeted audit resources and determines the optimum audit scope via dynamic risk assessment of the audit environment
- Publishes fully configurable assessments to reveal the inherent and controlled risk associated with each audit entity, which can help automate the scheduling of audit engagements for each entity
- Builds a library of procedures that can be related to an audit project automatically by typing or assigning a project on an ad-hoc basis. Modulo Risk Manager generates project plans with fully configurable workflows to allow audit staff to document the results of procedures associated with an audit project. Additionally, the system generates email notifications to alert audit staff of their tasks
- Enables an efficient review of utilization and capacity by audit staff and assigns personnel to audit projects and tasks. Modulo’s time and expense functionality allows you to monitor budgeted and actual time and expensesfor audit work
- Captures the results of audit tests in fully configurable project plans, attaching supporting documentation and reviewing notes. Milestones, such as kick-off meetings, field work start dates and completion dates in the audit process can also be tracked. The solution automatically captures the date/time/user stamp when milestones are marked as complete
