Audit Tracking System
Why it is important to have an efficient Audit Tracking System
To ensure consistent quality, reliability and compliance with the systems, companies need to conduct regular internal audits. If there is non-compliance with any regulations, and it goes unnoticed, it may have adverse implications for the business. The cost of being non-compliant to the regulations has enormous costs. Hence it is wise to have an audit system that keeps the company compliant with the regulations on an ongoing basis.
Audit management in the way it is normally done is very challenging, complex and very resource intensive. Hence in order to ease the process of internal auditing, companies are deploying point solutions and spreadsheet-based systems that provide tremendous ease in managing the process of internal audits.
How Deft Audit Tracking System Helps
There are various kinds of audit that a modern day business has to generally deal with. Operational audits, IT audits, Supplier audits and quality audits being one of the most common and typical to any organization. If you are looking to make this process simpler and very easily manageable on an ongoing basis, you can go for Deft Audit Tracking Systems. It would provide the flexibility to support all types of audits and it is created to deal with all functions involved in an audit. Deft Audit Tracking System would support each and every step in the process of audit. You can get the standard audit plans, checklists, do the field data collection, and finally get the audit data converted into findings or audit reports, which can be presented to the management for their review. This is not the end, it would also track if the audit recommendations are being implemented or not. Deft Audit Tracking System can really take off the pressure from the system leaving time and energy for the management to deal with strategic priorities.
The Deft Audit Tracking System is empowered to deal with the complexities and practical issues involved in the process of auditing and implementing the audit recommendations. The deficiencies that have been traced in the auditing process will be supported by remediation actions. The system will issue reminders and escalations to ensure that the remediation actions are implemented and finally testing actions taken.
The most important benefit of Deft Audit Tracking System is that it eliminates inefficient manual processes by automating risk and controls assessment, remediation and control-testing functions. It has powerful reporting capabilities which allow aggregating data and generating reports that show trends based on a wide range of variables. It will provide real-time reporting on risk and compliance status. It has been designed based after considering the industry best practices and has a proactive approach. It greatly reduces the work load on the compliance manager as the system ensures that the remediation actions have been taken and testing actions as well completed. Thus the software ensures a closed-loop audit cycle for recording findings, developing recommendations, and implementing action plans. On the risk management front, it provides a quantitative measurement of organizational risk and also shows changes in the risk profile as the remediation actions are implemented.
Deft Audit Tracking System in brief works based on the below functionalities
Before the Audit
• It will come up with all unresolved findings from the previous audit
• Will provide a copy of the last audit report
After the Audit
• It will help in creating an audit report by listing the comments from other audits with similar findings
• Maintain a record of the members in an office who were involved in the audit
• Tracks costs incurred on the audit and the how much time was spent in the audit process
• List down the findings from the audit for the attention of the management
• Create a remediation plan
When the Action Plan is approved
• Keep a track of the interim solutions and follow up on the projected dates for implementing the audit recommendations
• Create a separate record for those audit recommendations, where an action or remediation plan is not approved or taken
• Delivers actionable risk status and compliance status information
• Compliance managers can find out if there is any major risks and compliance deficiencies within the organization at a glance
• Informs management on the number of resolved and unresolved findings
• Unlimited custom reports facility with user-friendly tools; like reports on the basis of division/sub-division/department wise etc. or display of compliance status in terms of each regulation