Benefits of an Automated Audit Management System

In the current digital age, manual/random audits are no longer suitable. The new and pending regulations emerging from an array of laws including Dodd-Frank, the UK Bribery Act, and the Foreign Corrupt Practices Act (FCPA) have challenged internal audit and compliance professionals to meet increasing information requests and compliance requirements with their existing resources.

In order to effectively meet these increasing demands technology-enabled auditing tools and processes are essential. An automated audit management system makes it easy to manage any type of audit activity, data and process, from EHS, to quality, to compliance. Regulated companies are increasingly using automated audit management systems to facilitate all audit-related tasks and activities. Thus, maximizing their effectiveness while managing costs and streamlining their audit process without sacrificing flexibility.

An effective automated audit management system:

• Supports organization’s governance and risk management policies
• Dramatically reduces the time and effort involved in preparing for and conducting audits.
• Improves the quality and effectiveness of audit process
• Increases audit department’s execution and monitoring capacity
• Simplifies the day-to-day work by standardizing methods and automating repetitive tasks – thereby boosting the performance and effectiveness of the entire auditing process.
• Enhances visibility and facilitates in smarter and faster decision making.

Predict 360’s Audit Management Software is an artificial intelligence (AI) enabled web based solution that provides end-to-end functionality for managing complete audit life-cycle including audit planning, checklists, field data collection, development of audit reports and corrective and preventive action recommendations. It is based on the Institute of Internal Auditors (IIA) standards.

About the company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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