Any large organisation today undergoes multiple audits in any given financial year. These audits can be financial, operational, technology, quality among others and can span across locations and business units. Audits typically involve multiple internal and external stakeholders who communicate extensively and lead to identification of risks and action plans.

Audit Management Life Cycle

• Planning scoping & scheduling of all audits
• Execution of all audit steps & documentation of observation
• Management review of all audit steps, documentation including working file & observations
• Generation of approved final audit report
• Tracking & closure of agreed upon action plan

Current Challenges

• Highly Manual and People Dependent
• Non standard and Inconsistent Quality
• Action Plans and Risk tracking is via emails
• Non centralised document repository
• Inefficient and error prone

Our Solution

TeamLease Regtech Audit Management product helps automate the entire audit life cycle. It ensures standardisation and consistency in audit approach, methodology and outcomes. The product has been designed with global best practices to ensure that the overall audit management experience is world class. It facilitates creation of standard audit templates for various audit types and provides detailed step by step checklist for each audit area. The solution provides comprehensive dashboards for audit heads and co-ordinators highlighting status of audits / audit items, types of observations and findings. The product brings in standardisation, consistency, accountability, confidentiality and control in audit tracking and management.

Product Features

• Access anytime, anywhere over the web with rich user interface & role based entitlement
• Highly configurable, available, secure & reliable with scalable and flexible organization structure
• Smart dashboards with drill down capability to manage timely escalations, tracking & management of all audits & audit items
• Consistent & standard reporting capability with the ability to generate automatic reports in power point, excel & word
• Advanced document management capabilities with universal document viewer, archival retention & access to central capabilities
• Ability to create audit scope, audit templates including ability to upload risk control matrix, scheduling audits based on location / function / business unit
• Workflow enabled assignments, execution, review of all audit items with the capability to maintain all reviews & comments in chronology of events