Internal Audit Management

Measure Your Program Outcomes

• **90% **decrease in audit review time
•  **58% **decrease in audit issue resolution time
•  **50% **reduction in the cost of audit follow-ups

Drive Risk-Based Audits, Provide Better Assurance to Improve Performance

MetricStream Internal Audit Management software, built on the MetricStream Platform, enables you to drive an agile internal audit program that is aligned with organizational goals and prepared for multi-dimensional risks, while preserving the trust of every stakeholder. The advanced audit methodology that leverages next-gen technologies, such as AI, drastically cuts down the time spent sorting data to mine insights. Internal Audit Management is designed to make the process simple, enhance productivity, and optimize opportunities that accelerate business performance.

How Our Internal Audit Management Software Helps You

Systematic and Effective Management of the Audit Universe

Define and maintain the audit universe including auditable entities (such as business units, functions, and processes) and common libraries of risks. Define complex hierarchical structures leveraging the product’s multi-dimensional organization structure setup. Manage the relationships between various data elements effectively. Update the audit universe and libraries on a periodic basis in response to changes in the organization’s business, operations, programs, or systems.

Effective Risk Assessment and Analysis for Robust Audit Planning

Document, manage, and assess risks across the organization leveraging a centralized risk framework. Gain visibility into the risks associated with auditable entities along with previous audit history through Audit and Risk Advisor reports. Enable efficient planning of audits, focus on key risk areas, and optimize available resources.

Better Collaboration Across Resources to Create Dynamic Audit Plans

Create dynamic audit plans with defined objectives and scope, and allocate auditors based on skills/availability with the resource scheduler. Allow multiple auditors to collaborate on a single overall audit plan. Enable changes to be made to the plan until the plan is released for execution.

Optimized Audit Resource and Time Management

Leverage the product’s powerful project and resource scheduler, as well as profile management tools to store auditor profiles, check resource availability and conflicts, and allocate appropriate personnel to audit projects. Capture the time spent in auditing through the product’s time-tracking capability. Plan audit activities efficiently through Gantt Charts and Timesheet reports which provide comprehensive details on audit schedules.

Structured Audit Fieldwork and Execution for Greater Accuracy

Record findings, detailed observations, and recommendations in workpapers in pre-defined formats. Attach supporting evidence, configure checklists, and cross-reference workpapers and other documents with the ability to audit offline. Collaborate with business and audit teams in real time in the comment window that reduces duplication and time taken to manage audits.

AI-Powered Intelligent Issue Management

Find and document audit issues. Leverage AI/ML to quickly identify and recommend issues, issue classification, and action plans based on relation. Prioritize and assign resources for investigation and remediation with an underlying workflow and collaboration engine. Define an action plan and track the remediation process and issues to closure.

Comprehensive Audit Reporting and Intuitive Dashboards

Generate draft and final audit reports with the ability to track the number of transactions during the review and approval workflows in a configurable format. Gain real-time access to audit data, history, and an analysis of audit results with audit status tracking reports and dashboards.

Benefits

• Be a trusted advisor to the board to promote business performance by aligning audits to strategic imperatives, objectives, and risks with timely and reliable insights
• Create agility and collaboration across teams to optimize audit productivity and allocate resources based on the highest risk impact
• Gain visibility into potential opportunities and areas of improvement through a systematic issue remediation process