The role of internal audit continues to shift. You have more visibility and responsibility than ever before, but maintaining independence is a must. The recommendations you make have great value, but getting involved in the execution is not acceptable.
Your audit team needs answers to the following questions:
- Can you provide independent verification of control activities and compliance?
- Are you targeting the right areas of the organisation for audit attention?
- Do the business units understand what audit needs and respond in a timely manner?
- Will the audit committee ask for answers that you don’t have?
ERA helps you answer those questions. Unlike other GRC platforms, the audit functionality of ERA is a fundamental part of the core offering. No time consuming and costly integration programming required, just integrated access to all the risk, compliance and audit functionality you require.
Conduct testing, document findings, perform assessments and publish audit reports all in the same application that houses your organisation’s risk and compliance data.
Many audit teams have embraced the concept of risk-based auditing, as opposed to the traditional checklist approach. With a risk-based approach, you spend more time on the more important areas of the organisation.
Because ERA’s audit and risk functionality are fully integrated, developing a risk-based audit program is straightforward.
Use the audit universe analyser to build audit programs based on risk assessments. Compare summary risk scores across department, function or region to identify priorities and align the audit program with the needs of the business. As assessments are updated, information can flow through to reprioritise as desired. Audit programs can be reworked during the year to reflect changing priorities or different circumstances.
ERA's powerful planning and scheduling functionality allows audit managers to line up resources based on availability, experience and skill set. You can also track time and expense to ensure estimates are accurate and deadlines are met.
