Through the establishment of clear policies, procedures, and metrics, audit management programs define performance benchmarks with scheduled reviews for continuous improvement. Effective audit management requires people, processes, and technology to work together effectively to achieve optimum results.
BCS’ solution automates and completes the audit lifecycle by delivering an overall view of the audit program, including planning, scheduling, value- and risk-based prioritization, resourcing, management of audit procedures, and remediation tracking. This capability provides an optimized audit program delivering efficiencies in the audit process and risk measurement, and enables integration with other enterprise governance, risk management, and compliance processes.
The best practices summarized below highlight the essential requirements for automated audit management systems. These best practices, coupled with the human resource requirements, ensure sustained compliance and help minimize regulatory risk.
How the BCS solution helps your organization with audit management:
- Documents targeted audit resources and determines the optimum audit scope via dynamic risk assessment of the audit environment
- Publishes fully configurable assessments to reveal the inherent and controlled risk associated with each audit entity, which helps automate the scheduling of audit engagements
- Builds a library of procedures that can be related to audit projects automatically. Project plans can be generated with fully configurable workflows to allow audit staff to document the results of procedures associated with an audit project.
- Audit project workflows enables an efficient review of utilization and capacity by audit staff and assigns personnel to audit projects and tasks
- The workflow records the results of audit tests in fully configurable project plans, attaching supporting documentation and reviewing notes.
