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01
Audit Management
Planning
Auditors define the audit’s scope and objectives, assess risks, and prepare an audit plan outlining the resources and key focus areas.
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02
Audit Management
Fieldwork
This involves the examination and verification of financial records and internal controls through observations, inspections, and interviews to identify any discrepancies or issues.
03
Reporting
Auditors compile their findings into a report that outlines the methodology, findings, and recommendations, and present it to relevant stakeholders.
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04
Audit Management
Complete Audit Management solution that covers audit life cycle from audit planning, preparation, field work, follow up and reporting. Audit is linked with GRC pillar.
As your business evolves and becomes more complex, gaining a fresh perspective becomes crucial. Audit functions provide this essential viewpoint, often identifying issues that the business may miss.
iRM Audit Management brings a risk-based approach to audit management, simplifying your entire audit process within one unified system. By focusing audit teams on the most critical areas of your business, their collaboration with operations can drive meaningful, risk-centered audits. Explore how iRM can transform your internal audit management program.
AS SIMPLE AS 1-2-3 :
✔ Strengthen control over audit lifecycles : Implement a unified system for all your audit management requirements, simplifying the management of the entire audit lifecycle.
✔ Enhance collaboration across departments : Utilize industry-proven best practices that empower your audit team to work together and share information with colleagues in business, risk, and compliance functions.
✔ Proactively manage the business : Achieve greater visibility into key risks and underperforming controls with aggregated data and analytics, providing access to information, resources, and insights from risk and compliance teams.
Features:
✔ Comprehensive audit universe tracking with cross-referencing to audit engagements.
✔ Documentation, review, and approval workflows for audit engagements and workpapers.
✔ Templates for audit reports and planning memos.
✔ Management of audit findings and remediation plans, with capabilities for comment reviews.
✔ Offline functionality for conducting audit engagements.
Benefits:
✔ Ensure consistency in audit engagements and workpaper documentation.
✔ Minimize external auditors' time and requests by enabling self-service access to necessary information.
✔ Easily generate audit reports and document findings.
✔ Focus on conducting risk-based audits.
✔ Provide management and the Board with the essential information they need.
Asked Questions
Q. What is Enterprise Risk Management (ERM) and how does it benefit an organization?
ERM is a strategic approach to identifying, assessing, and managing risks across an organization, enhancing decision-making and operational resilience. It helps in proactively addressing risks to ensure business continuity and achieve organizational goals.
Q. What makes iRMCloud's dashboards essential for effective ERM?
iRMCloud's easy-to-use dashboards provide a centralized, intuitive view of all risk-related data, making it simpler for managers to monitor, analyse, and respond to risks in real-time, thereby improving the efficiency and effectiveness of the organization's risk management process.
Q. How does IRMCloud improve the ERM process with its features?
iRMCloud enhances ERM by offering user-friendly dashboards for a clear overview of risks, latest risk insights out-of-the-box for immediate risk identification, an inbuilt risk matrix for simplified risk evaluation, and regular updates to stay aligned with evolving risk landscapes.
Q. How does the inbuilt risk matrix in iRMCloud support better risk decision-making?
The inbuilt risk matrix in iRMCloud simplifies the complexity of risk assessment by categorizing risks based on their severity and likelihood, aiding in prioritizing risks and formulating strategic responses, thus making the decision-making process more streamlined and data-driven.
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