TeamMate+ Audit Management Solution

What is an Audit Management System?

An Audit Management System facilitates the audit process for Internal Audit, Compliance and many other departments. It allows auditors to plan, execute and report on audits of different types, sizes and geographic locations.

What can an Audit Management System do for internal audit team?

Centralizing audit data and methodology into a single solution organizes the data for easier monitoring by management and efficient processes for auditors, all while providing effective coverage of standards and regulations.

• 87% business leaders say digitalization is a company priority
• 91% say that audit’s resources need to be better allocated to provide assurance over changing risks

(Source: TeamMate’s customer’s experiences, internal research and industry reports)

What challenges could an Audit Management System solve for internal audit team

• Enhance visibility across the department
  • Real time monitoring across multiple teams
  • Historical insights to show past results while doing the current work
• Reporting and dashboards aggregates all results for easy analysis
  • Increase efficiency across audit processes
  • Save time by reusing instead of recreating audits and tests
  • Direct connect of the risk assessment to the audit, reports and issue follow-up
  • Eliminating audit downtown when work is sitting idly when its ready for review and when it requires follow-up
  • Reducing review time from inconsistent methodology across audits
• Ensure consistency across audits
  • Remove the practice of different audit methodology across audits and teams
  • Different audit templates across teams and cyclical (operational) audits
  • Inconsistencies across the lines of defense in risk and control libraries
  • Difficulty in sharing of auditors across teams with different methodologies and software
  • Rework of test from inconsistent and outdated templates

TeamMate+

TeamMate+ internal audit software aligns with audit best practices and IIA standards to provide an efficient and effective audit workflow.

TeamMate+ helps internal audit and risk management professionals protect organizational value through the identification and mitigation of internal audit risks. Corporate, commercial, and government audit teams are better able to streamline the audit workflow; improve productivity and collaboration across lines; connect information from critical business systems; and deliver data-driven insights.

TeamMate+ delivers the tools and capabilities to enhance and streamline the audit workflow.

TeamMate+ is built for purpose to assist audit teams efficiently and effectively move through the audit workflow. From establishing annual plans to planning audits, from fieldwork and execution to reporting, to closing the audit and follow up. TeamMate+ is an end-to-end audit management and workflow solution.

TeamMate Analytics

The power of audit analytics integrated into your workflow: TeamMate Analytics is integrated to work directly with TeamMate+ Audit. This allows you to capture analytics evidence as part of the audit without separate systems that struggle to talk with each other.

• Continuous Risk: Continuously assess risks through powerful analysis on an on-going basis.
• Stop Sampling: Assessing risks and controls through sampled data only shows you part of the picture. TeamMate Analytics provides analysis of full data sets.
• Every Auditor: Other data analysis software requires coding and/or a Database Administrator. Because TeamMate Analytics is Excel-based, you can put the power of analytics into the hands of every auditor on your team.
• ROI: It is becoming near impossible to gain sufficient audit evidence and risk coverage using traditional manual audit methods such as sampling alone. Data analytics allow Auditors to carry out more work, in less time, with greater coverage, and with a whole host of other benefits.

TeamMate+ Agile Audit

Agile is a mindset and a framework for planning and doing work in manageable but faster cycles; it emphasizes delivering tangible results quickly and often; it requires transparency and collaboration, and it promotes adaptability and responsiveness to change.

Agile Audit means adopting those traits, and adapting processes while remaining aligned with the mission and standards of internal audit.

Now there is a solution that embeds agile tools into your audit workflow - seamlessly and effectively so high-performing agile teams can help their organizations mitigate risk faster.

Sources

1. Buyers Guide Readiness Assessment Pages for Review | Wolters Kluwer
2. TeamMate+ Audit Management
3. TeamMate Analytics for Audit | Wolters Kluwer
4. TeamMate + Agile Audit - Accelerate Risk Mitigation | Wolters Kluwer

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For auditors who are challenged to improve audit productivity while delivering strategic insights, TeamMate provides expert solutions, delivered with premium professional services, to auditors around the globe and in every industry.

For more information about TeamMate, please contact EGP - a partner of TeamMate in Vietnam - at here.

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