|In the world of GRC, audit is truly foundational, with large numbers of skilled practitioners and broad consensus on what an audit is.
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.
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.