As we cruise through the age of information technology, business processes have become more and more complex; all businesses adopt the most sophisticated tools in making their businesses efficient and productive. In the midst of these complexities, the auditing of such processes has become a challenging task, thus making audit management a serious necessity.
Audit management can be defined as a set of tools; techniques and planning that enable an organized examination of whether an object meets the predefined requirements. To put it more simply, audit management helps in the better organization of the workflow and collaborative process of audit reporting. It is an eclectic management of auditing involving the preparation of a detailed question list and evaluating the results and documents. Auditing management broadly involves the process of recruiting, training and overseeing the audit staff (internal and external) and running the auditing program.
Some of the important elements that make audit management successful are proactive and strong leadership, cohesion within the team, intricate planning, controls and a well-defined methodology. The process of managing an audit comprises of three dimensions, namely internal auditing, external auditing and third-party auditing.
Internal audit management: It refers to a set of auditing processes which the organization sets up in order to protect it from fraudulent activities and ensure that the organization’s management and control are running at their optimum. The role of internal auditors is to be objective, neutral and report any issues only to the highest executive in the organization.
External audit management: It is the organization of auditing processes in order to determine whether the documentations filed are accurate and meet the required standards set by the organization or meets the government laid rules and regulations. The external auditor is independent of the firm is able to provide a more objective report and use the discretion in reporting to the concerned authorities in case of a breach.
Third party auditing: The question of third-party auditing arises only when the company intends to run a quality management system to meet or qualify for the desired certification.
Computation technology has also spread its wings in the direction of audit, leading to the coming of sophisticated audit management software making audit management more efficient. With the coming of software that is accessible anywhere in the globe, the process of audit management has reached a new pinnacle with every country able to audit at the highest level. Some of the best-rated softwares in India are Self Expert Software, Risk Pro Internal Audit Management Software, Audit Management Software and Control Case Audit Management Software.
One of the best-rated software in the world is Gensuite Audit Management Software. With a rich experience of twenty years in audit management applications, Gensuite provides proven applications to help companies achieve excellence in compliance and management.
The up to date development of auditing software have come to provide necessary relief and efficiency in audit management, making auditing a simple and desirable activity.
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