Effective risk management and compliance with government regulations drive the need for ongoing internal auditing in organizations. However, audit management is becoming increasingly challenging, given the growing complexity of businesses and the number and types of audits that need to be conducted. Companies are fast realizing that point solutions and spreadsheet-based systems are no more suitable for managing internal audit programs.
MetricStream Internal Audit Management Solution is designed to help companies manage a wide range of internal audit-related activities, data, and processes in a single, comprehensive framework. The solution provides end-to-end functionality for managing the complete internal audit lifecycle - from audit planning and scheduling, to the development of standard audit plans and checklists, to field data collection, to the development of audit reports and recommendations, to the review of audit recommendations by auditees and the Management, to the implementation of audit recommendations.
Advanced capabilities such as built-in remediation workflows, time tracking, email-based notifications and alerts, risk assessment methodologies, and offline functionalities for conducting internal audits at remote field sites allow organizations to implement industry best practices for efficient audit execution, and ensure integration of the internal audit process with the risk and compliance management system.