audit software - Blog - Global Risk Community2024-03-29T04:49:16Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/audit+softwareFunction of Internal Audit and Findings Management Softwarehttps://globalriskcommunity.com/profiles/blogs/internal-audit-and-findings-management-software2023-01-06T17:16:06.000Z2023-01-06T17:16:06.000ZChristine Thomashttps://globalriskcommunity.com/members/ChristineThomas360factors<div><p>Audits are essential for every organization, particularly those that adhere to stringent rules and standards. Whether done internally or by external auditors, audits entail a significant amount of time and documentation. Until software changes anything, the advantages of employing audit software are apparent.</p><p><a href="https://www.360factors.com/audit-management-software/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">Internal audit</a> technology has been shown to reduce audit time by reducing the requirement for paper documents, allowing audits to be conducted in hours rather than weeks. When you realize the auditor is arriving, it's simple to gather everything in one location in readiness - without going through enormous stacks of papers. However, the advantages continue beyond there.</p><h2>Advantages of Using Internal Audit and Findings Management Software</h2><p>Below are the benefits of using internal audit and findings management software for your organization:</p><ul><li>Remove uncertainty from audit reports</li><li>Efficient auditing</li><li>Obtain additional information throughout each audit</li><li>Reduce effort duplication</li><li>Increase the accuracy of data collected during an audit</li><li>Show compliance across the audit path</li></ul><p><a href="https://www.360factors.com/audit-management-software/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page" target="_blank"><img class="align-center" src="{{#staticFileLink}}10926610659,RESIZE_584x{{/staticFileLink}}" alt="10926610659?profile=RESIZE_584x" width="566" /></a></p><h2>Predict360 Internal Audit and Findings Management Software</h2><p><a href="https://www.360factors.com/audit-management-software/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">Predict360 Internal Audit and Findings</a> Administration Software enhances audit management, scheduling, and monitoring, allowing your company to get the most out of its assessments.</p><p>Findings and proposed corrective actions are tracked individually and allocated to appropriate company owners, who may submit their plan of action and projected completion time.</p><h3>Features</h3><ul><li>Integrates with the Predict360 Risk and Compliance modules to improve audit management, risk assessments, and analytics.</li><li>All audit-related data and information should be captured and stored in a single repository.</li><li>Audit plans, checklists, and data gathering in the field</li><li>Dashboards displaying the progress of ongoing audits</li><li>Monitor and control auditing tasks for various team members.</li><li>Notifications for designated audit periods to verify audits are completed on time.</li><li>Provide a comprehensive audit record log of modifications and completion dates as proof.</li><li>Management of collaboration for audit teams Taking corrective and preventative measures immediately from audit results</li></ul><p><a href="https://www.360factors.com/audit-management-software/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page" target="_blank"><img class="align-center" src="{{#staticFileLink}}10926609892,RESIZE_710x{{/staticFileLink}}" alt="10926609892?profile=RESIZE_710x" width="710" /></a></p><h2>About 360factors Inc.</h2><p>360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit <a href="www.360factors.com%20">www.360factors.com</a> for more information.</p></div>Goals and Outcome of Audit Managementhttps://globalriskcommunity.com/profiles/blogs/goals-and-outcome-of-audit-management2019-08-09T13:30:00.000Z2019-08-09T13:30:00.000ZChristine Thomashttps://globalriskcommunity.com/members/ChristineThomas360factors<div><p><span>Most people fear the word audit- because most of them don’t work in auditing. When we hear that audits are going on in our company, we know that the auditors will be checking everything to make sure things are being done right. We are afraid that they may find a mistake we made and then we will get in trouble because of it. While auditing may seem like a scary process to go through, it is an essential process. Audits allow management to discover key areas of concern and highlight any vulnerabilities the business may have. Yes, they catch our mistakes and highlight them, but that is just because that helps the business perform better in the future.</span><span> Audit management can be made efficient by using a good </span><a href="https://www.360factors.com/audit-management-software/"><span>audit management software</span></a><span>.</span><span> </span></p><p></p><p><strong>The goal of audits </strong></p><p><span>Many businesses carry out audits when there is an unexplained problem they need to understand. Many other </span><span>businesses</span><span> perform audits because they are required to do so legally. Businesses operating in the healthcare industry and the financial industry, like all other heavily regulated industries, must hold periodic audits and share their findings with regulatory bodies to ensure that everything is being handled the right way. </span><span>The goal of internal audits is to ensure that if there are any problems they are detected by the organization and handles before a regulatory body detects them, because if a regulatory body detects issues it will</span><span> penalize the business through monetary fines and may even put some operational restrictions on them.</span><span> </span></p><p><span>Audits also help management understand what they are doing the wrong way. Often the business seems to have the right strategy but cannot get the results that it needs. This means that there is a problem in the business process somewhere along the way. In large organizations the process may include hundreds of people from different departments, so it is not always easy to determine where the problem occurred. Thus, audits are performed which are in-depth investigations into the records and data to determine what went wrong.</span><span> </span></p><p><span>It is important to note that punishing the party that made the mistake is never the aim of these incidents, unless the incident was intentional such as fraud or other criminal activities. The biggest reason audits happen is that they tell the organization where they are vulnerable. Organizations don’t just want to </span><span>detect </span><span>issues;</span><span> they also want to know why the issue was allowed to occur. This happens even if there is a criminal activity. If someone steals data, property, or money from a business, the business doesn’t just want to know who did it – they also want to know how it was done. Knowing how it was done is important because it allows the business to eliminate the </span><span>vulnerabilities</span><span> which allowed the incident to occur in the first place. </span><span> </span></p><p></p><p><strong>The outcome of audits </strong></p><p><span>Audit management isn’t simply about performing audits – it is also important to take corrective actions. Auditors don’t just tell the business what is wrong – they also propose ideas which will help eliminate the failures in the future. This is the desired outcome for audits – corrective actions which make the company safer and stronger. </span><span>This is also why audit management is important – simply performing the audit isn’t enough. Management also has to ensure that the corrective actions recommended by the auditors are actually being taken.</span><span> </span></p><p><span>There will often be audits a few months after the first audit, the second audit will </span><span>simply focus on the findings of the first audit and look at whether the problem has been solved. If not, then the auditors will recommend </span><span>further corrective actions.</span><span> </span></p><p><span>Auditing can be exciting work, but it involves going though a lot of documentation. That is why businesses have started to focus on audit streamlining and automation. Automation carries many benefits for audits. It allows auditors to work faster and in a more streamline</span><span>d</span><span> fashion. It also makes it easier for the whole organization to collaborate for the audit and deliver </span><span>better results.</span><span> </span></p></div>