Why to Implement an Audit Management System |
Posted: April 25, 2019 |
Audits are very important part of any organization regardless of their sizes and nature. It proves that the authenticity of any organization specially those who are having strict regulations, policies and procedures. Audit is a continuous and most time-consuming processes of all which requires a lot of information to be put and to pull out as well. Whether you are doing it internally or have outsourced, both require a lot of time and hard work as well. Back in days when audit season used to arrive, it required a lot paperwork both from the audit team and company. By that practice, data, documents and information were always at stake and there were the chances of data lost as well. Since that time, audit management software is introduced, all information that is needed at the time of audit is preserved into that system and is just a click away to both auditors and the company’s management as well. This process helps the management to avoid the risk of information lost and pile of paperwork as well as to transform data into most comprehensive way. By the help of audit management system, now the audit is generally done in hours or maximum in days where it used to take weeks and sometimes months as well, varying from company’s size. It also helps company to prepare their selves before the audit starts instead of going through the huge piles of paper documents. An automated, centralized and latest audit management system assists organization in improving business processes and also to monitor their regulatory compliance, policies and procedures.
No Chances of Duplication When the environment goes automatic, there are near to 0% chances of error and complete 0% chances of duplication importantly. The information is always updated by the time arises and if there’s any duplication happens then the system automatically notifies about it. Audit itself is time and energy consuming. Back then when audit used to happen on papers, there were chances of error and duplicity of information and it used to take a lot of auditor’s time which wasn’t needed. Since audit management software is introduced, the finding of right information is just a click away. Every auditor has experienced the frustration of gathering and putting the information and data into the system, audit management software makes customizable documents which are just not satisfying looking for eyes but also, they are easily changeable. Making paperless environment has made wonders in a field of audit for having no duplications and saved huge amount of time which wasn’t a practice earlier.
Authenticity of Data When going automatic and all the authority is given to an automated system, then there and less chances of error and information is always updated right from the time it arrives. So, there’s just not authenticity of data and information but also accuracy of it. Paper audit are not just time consuming but also sometimes mislead or lack information. Audit requires more than an information you think, or you are prepared for. It is always helping to have your system updated with information and also accessible as well and just in case if auditors have asked for some information and you’re not having it at that time then you can always reach out to either your IT department or vendor as they are always having a copy of information or can always have an access to it. The practice of going automated helps you from not making lengthy notes or detailed information but it’s always available for making it as precise as possible. Which always saves consider amount of time of both the parties (company and auditors). It also assists in having information in real time. It never gives you second had or obsolete information which is always a great source for an auditor.
Document Review and Final Decision Making First doing audit is itself time and energy consuming and then reviewing your whole audit process is no less than a hassle itself specially if you’re doing it manually. Audit management software just not helps in doing the whole audit management process but also reviewing it because reviewing is a part of an audit where you are making decision and coming to a conclusion for your audit which is a important thing for any organization because audit management’s verdict plays a very important part for company’s image as it ensures the authenticity of company’s processes and functions. The right audit management system saves time for auditors and also drawing the right conclusion. An audit management software helps in creating a summary of an audit report which can be shared throughout the organization so that every employee in a company see what are the results and where their company is positioning as of now and you can always save the information and use it for the future benefit of a company.
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