Internal Audit Management

Internal auditing is an independent activity, and the last line of defense within the organization, designed to provide assurance on the effectiveness of governance, risk, compliance, and internal controls, including how the first and second lines of defense manage their risk, compliance, and control objectives. Corporater’s Internal Audit Management solution provides organizations with the ability to standardize and automate their audit procedures, enabling greater efficiency, effectiveness, and productivity, which leads to significant cost savings.

Corporater Internal Audit Management Solution

  • Overview – Overview is the landing page that provides a performance dashboard of the whole audit management process for all audit projects, which is limited by the user’s access within the system, and the geographical region they are assigned to work within
  • My Tasks – My tasks show all of the specific tasks, schedule, assigned projects, messages, etc., assigned to an individual, and shows the completion progress of each item.
  • Audit Universe – The Audit Universe enables the loading and management of the organization’s auditable entities that will be used to understand risk exposure and appropriately plan the yearly audits.
  • Preparing for Audits – Enables users to create new audit projects, plan, schedule, assign resources, and gathering required material to conduct the audit (e.g., audit program guides, leading practice standards, audit survey questionnaires, etc.).
  • Review & Approval – Workflow enabled with the solution require reviews and approval before the audit begins, and allows inflight reviews, and post-audit reviews with the business unit.
  • Performing Audits – Perform Audits enables authorized users to perform the risk assessment, control assessment (test of design and test of operating effectiveness), and retain all audit working papers and evidence in the audit management solutions.
  • Managed Audit Issues – Allows users to manage the full end-to-end Issue Management process associated with control deficiencies: Log issues, assign owner, analyze, prioritize, plan mitigation, approve mitigation plan, resolve, review approve, report, and allocate retesting.
  • Audit Library – The Audit Library is the digital collection of all data, documents, and templates such as Assets, Processes, Risks, Controls, Key Performance Indicators, Key Risk Indicators, Audit Program Guides, Past Audit Results, and Leading Practice Guidance that will be utilized during audits to perform the work.
  • Survey Manager – The Survey Manager enables the creation, modification, and review of survey questionnaires associated with audits.
  • Reports – There are many reports within the Audit Management Solution (e.g., audit universe, audit planning, audit execution, audit results, etc.) that are automatically updated from specific data entered into the solution throughout the life of an audit project preventing you from having to spend hours building your reports.
  • Settings – Setup enables administrators to define the roles & responsibilities and configure solution settings associated with the audit procedures.

From the IIA Position Paper: The Three Lines Of Defense In Effective Risk Management And Control

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Audit Dashboard

The Dashboard tab shows the status of an existing Audit project for the organization. User can select specific regional views such as USA, Canada, China, etc.

Audit Overview

The Overview tab shows the entire Audit Universe Library of auditable entities for the organization. This data is the result of the first line of defense’s Enterprise Risk & Control Assessment that Audit must use each year to plan for their own independent audits.

The Audit Library is the digital collection of all data, documents, and templates such as Assets, Processes, Risks, Controls, Key Performance Indicators, Key Risk Indicators, Audit Program Guides, Past Audit Results, and Leading Practice Guidance that will be utilized during audits to perform the work.

Regional Audit Overview

The Regional Audit Universe shows all of the auditable entities for North America. Every region will have its own overview.

Audit Performance & Analytics

The Audit Performance & Analytics tab shows the status of all audit activities for the global organization, and it could be changed to a specific regional view if the user has that access.

Audit Management

The Manage Universe tab shows how users can download the data templates that can be populated, and then uploaded into the solution.

Audit Projects

The current audit projects for the entire organization is available in the Manage Projects tab. The user can drill-down into each audit project to see more details.

New Audit Projects

The current audit projects for a specific region of an organization is available in the Manage Projects tab. The user can drill-down into each audit project to see more details. It also allows authorized users to create a new audit project.

Audit Assessment

The 16 data elements required to “Plan” a new audit project is shown in this example titled: Q1 USA IT Audit – Applications Security Assessment.

Audit Guides

Guidance tab shows where the user gathers existing audit program guides, test procedures, leading practice standards, or survey questions needed to perform the audit procedures.

Audit Assessment Summary

The Summary tab enables the user to review all data before it’s submitted for review within the approval tab. The Results & Closure tab enables the Audit project to be monitored to the point of closure, and the Issue Management tab enables control assessment failures to be assigned for remediation.

Schedule Audits and Reduce Audit Non-compliance Risks

The Corporater Internal Audit Management software is designed to standardize and automate the capabilities of the three lines of defense in effective Risk & Compliance Management to enable a fully integrated internal audit management solution for the entire organization.

Integrate Audit Management with Goals and Performance Management

Integrated into our Performance Management solution, the Corporater Audit Management Solution provides a balanced scorecard capability, to enable more effective identification and management of risk exposure to specific enterprise strategic initiatives.

Enable Greater Efficiency and Significant Cost Savings

You can perform all of your Governance, Risk, Compliance, and Audit functional in one solution allowing greater efficiency, effectiveness, and productivity and enabling significant cost savings.


Build your own solution

Build a solution to meet your audit management needs. Corporater provides 250 ready-made business objects that are configurable to reflect the way you manage your business.

  • Audit Lifecycle Management
  • Audit Planning
  • Audit Scheduling
  • Audit Reports and Alerts
  • Audit Compliance Management
  • ISO 9000/14000 Management

Testimonials

“As specialist consultants in The Senior Manager & Certification Regime, we believe Corporater has two key and necessary differentiators which help to address commonly experienced operational challenges when applying the regime: 1) the ability to ‘pull in’ and consolidate data from multiple systems across HR and Compliance, and; 2) a combination of business rules and the lack of a pre-defined data model, which enables the business to quickly adapt their solution to changes in staffing, organisational structure and regulation.”

Dan Ridler

BCS Consulting

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At Corporater we know every customer is different, so we have highly personalized the customer experience.  Before you even become a customer, we help you in your evaluation process, so you can choose the right solution for you.

If you are seeking a specific solution and want to understand how it can be configured with our Business Management Platform, don’t hesitate to contact us.  We can discuss your unique requirements and work with you to create a demo customized to your needs.

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