90%*Reduction in audit review time
58%*Reduction in issue resolution time
50%*Reduction in the cost of audit follow-ups
Internal Audit Management App
The MetricStream Internal Audit Management App accelerates audit cycles, improves audit strategies, reduces audit costs, and enhances auditor productivity. Rich operational and management reporting deliver transparency and risk-awareness, enabling better decisions.
Manage end-to-end audit processes more efficiently with the MetricStream Internal Audit Management App. It enables a systematic workflow-driven, risk-based auditing process, simplifies work paper management, and provides real-time intelligence and reporting. The web-based app has a responsive interface that allows auditors to enter data on the go from the convenience of their tablets and mobile devices.Request a Demo Business Value Calculator
Document, manage, and assess risks across the organization leveraging a centralized risk framework. Gain visibility into the risks associated with auditable entities, along with previous audit history through Audit and Risk Advisors. Enable efficient planning of audits, focus on key risk areas, and optimize available resources.
Deﬁne and maintain the audit universe, including auditable entities (such as business units, functions, and processes) and common libraries of risks and controls. Manage the relationships between these data elements effectively. Update the audit universe and libraries on a periodic basis based on changes in the organization’s business, operations, programs, or systems.
Create audit plans with a defined objective and scope. Organize audits in a logical structure and hierarchy with detailed checklists, evaluation pass or fail criteria, and tasks for execution. Schedule audits and assign tasks to the audit team members.
Leverage the app’s powerful project and resource scheduler, as well as profile management tools to store auditor profiles, check resource availability and conflicts, and allocate appropriate personnel to audit projects.
Capture the time spent in auditing through the app’s time-tracking capability. Plan audit activities efficiently through Gantt Charts and timesheet reports which provide comprehensive details on audit schedules.
Record findings, detailed observations, and recommendations in pre-defined formats or work papers. Attach supporting evidence, configure checklists, and cross-reference work papers and other documents. Send findings and recommendations to auditees for their review and feedback. Enter audit findings offline in notebook computers and other handheld devices, even at remote ﬁeld sites with no access to the organization’s network.
Identify and document audit issues. Prioritize and assign resources for investigation and remediation with an underlying workflow and collaboration engine. Define an action plan, and track the remediation process and issues to closure.
Generate draft and final audit reports with review and approval workflows in a configurable format. Pull together findings and actions from various tasks to generate the draft report. Gain real-time access to audit data, history, and analysis of audit results with audit status tracking reports and dashboards.
Delivering Business Value
- Drive exceptional business performance by aligning audits to strategic imperatives, objectives, and risks
- Optimize audit productivity by prioritizing resource allocation based on the areas of highest risk impact
- Create agility and collaboration by standardizing the audit execution methodology across teams
- Simplify control testing processes using a streamlined approach which frees up time for value-added activities
- Gain visibility into potential opportunities and areas of improvement through a systematic issue remediation process
- Be a trusted advisor to the board and stakeholders by providing timely, reliable audit reports
Fortune 500 Semiconductor Manufacturer Centralizes Audit Management, Strengthens Visibility into Audit Activities and Data across Multiple Countries
2018: Key Challenges, Priorities and Opportunities for Internal Audit
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At TPDC, we look to integrate risk management into our day-to-day activities.
MetricStream Internal Audit Solution
Companies are increasingly relying on internal auditors to uncover organizational discrepancies, provide early warnings of issues, and advise the management team on performance and strategy. As a result, the scope and complexity of internal audits are steadily growing.
The MetricStream Internal Audit Software Solution makes things simpler by providing a single point of reference to conduct, track, and manage internal audit activities and data. The solution strengthens audit consistency, communication, and coordination. It also provides features such as email-based alerts, risk assessment methodologies, time-tracking capabilities, and an offline audit briefcase which help you get optimal value out of your internal audits.