What Are the Key Features of An Effective Audit Management System?

Industries across the globe are struggling with increasing business scrutiny and regulatory compliance challenges. The increased business scrutiny and the new and pending regulations emerging from an array of laws including Dodd-Frank, Bank Secrecy Act/ Anti- Money Laundering, and the Foreign Corrupt Practices Act requires the internal audit team needs to step up and deliver on the increasing expectations.

The increased business scrutiny and the new and pending regulations necessitate the need of an automated and integrated audit management system. An effective audit management system possesses the following key features:

• Manages complete audit lifecycle including audit planning, audit plans, checklists, field data collection, development of audit reports and corrective and preventive action recommendations.
• Determines audit scope by completing dynamic risk assessments of the company’s audit sphere.
• Provides fully configurable assessments that reveal the inherent and control risk associated with each type of audit and entity.
• Provides flexible data-gathering and aggregation framework that enables customers to set up any type and structure of audit they can imagine.
• Provides dynamic logic execution – executes customer specific processes as the result of an audit, survey, gap analysis or inspection.
• Provides Integrated Requirements Knowledge Base (RKB).
• Takes corrective and preventive actions directly from the results of an audit.
• Provides flexible reporting and analytics for enhanced visibility and 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. 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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