Audit

Despite that maturity, there continues to be great vibrancy and diversity in audits. In our experience, at a high level, most audit programs are structurally similar, with a process to propose, plan, and open audits, do field work, then close, finalize reports and assess the audit.

Once below that very high level, there are substantial differences in how audits are actually implemented. Moreover, we are seeing substantial shifts in both the “what” and “how” of audits.

Risk assessments are increasingly driving what get audited. While companies have different approaches – some start with risks, the focus on accounts, the operational organizations; others start with accounts, the focus on organizations impacting those accounts then risks within those organizations – the common theme is using an assessment of risk to drive what areas are audited, how thoroughly the item is audited, and how frequently.

In executing audits, there are big changes as well, with two being especially common.

1. First, more and more audit departments are using staff outside the internal audit department to execute the tests and assessments, commonly as a peer review or with a subject matter expert assessor. This has the dual benefits of improving audit productivity and raising organizational awareness of the role and importance of audit.
2. Second, there is continuing pressure on audit to lower costs and improve productivity without compromising quality of the work product. One way this is being achieved is making the work products of the internal audit department more accessible and dependable. With well controlled and executed internal audit processes, outside auditors are better able to rely and depend on that work, thus reducing external auditor time and expense.

These trends are bringing real benefits to business. Audits are being focused on areas with greatest exposure; audit work is more visible throughout the organization; operational subject matter experts are directly contributing to audits – and costs are being controlled.

The DoubleCheck™ Suite of GRC tools are designed with these trends and requirements in mind. The suite offers a rich set of highly adaptable capabilities, including systematic means to identify, score and maintain risks; tools for managing external testers and subject matter experts in the execution of targeted tests and assessments; tools to consolidate, time/date stamp and archive inputs and work products, and tools to generate management information and reports, including linking and sharing of appropriate data in Audit with other compliance initiatives.

Questions About Our Audit Solutions?

Many of our clients have successfully used DoubleCheck to implement a wide range of audit programs. Give us a call today at 1-888-299-3980 and we’ll be happy to discuss how we might help you with a practical and cost effective audit program.