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.
Internal audit 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.
Advantages of Using Internal Audit and Findings Management Software
Below are the benefits of using internal audit and findings management software for your organization:
- Remove uncertainty from audit reports
- Efficient auditing
- Obtain additional information throughout each audit
- Reduce effort duplication
- Increase the accuracy of data collected during an audit
- Show compliance across the audit path
Predict360 Internal Audit and Findings Management Software
Predict360 Internal Audit and Findings Administration Software enhances audit management, scheduling, and monitoring, allowing your company to get the most out of its assessments.
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.
Features
- Integrates with the Predict360 Risk and Compliance modules to improve audit management, risk assessments, and analytics.
- All audit-related data and information should be captured and stored in a single repository.
- Audit plans, checklists, and data gathering in the field
- Dashboards displaying the progress of ongoing audits
- Monitor and control auditing tasks for various team members.
- Notifications for designated audit periods to verify audits are completed on time.
- Provide a comprehensive audit record log of modifications and completion dates as proof.
- Management of collaboration for audit teams Taking corrective and preventative measures immediately from audit results
About 360factors Inc.
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 www.360factors.com for more information.
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