Request a Demo
ASP CAPTCHA Generator

Simplify your audit process with a
centralized internal audit tool

Laser Audit Reporting System (LARS®)

Having an effective internal audit software system allows businesses to identify its strengths and weaknesses. To leverage internal audit for future success, the key is to have the right tools to support the people and processes, reduce audit cycles and deliver value to stakeholders.

The Laser Audit Reporting System (LARS®)is a web-based solution that puts you in control of the complete audit lifecycle by establishing a systematic, disciplined and a uniform process for internal audit management. Get real-time completion status of ongoing audits at all locations. Centrally manage audit planning, audit programs, work papers and fieldwork and coordinate information among Auditors, Auditees and Management at all levels of organization.

Dashboard

Get real-time completion status of ongoing audits at all locations at a single glance. Access ageing analysis of all open observations by importance, department and SBU.

Audit Planning

Plan Annual Audits effectively by selecting audit areas based on control effectiveness. Measure the history of audit areas. Keep track of planned, unplanned, dropped, ongoing and completed audits.

Audit Scheduling

Create Audit plan by assigning Audit Areas to Auditors and by providing start and end date for each audit area.

Auditors Workspace

Auditors get a central workspace to manage all audit areas assigned to them. Keep all information of an audit area centralized at one place.

Audit Program

Create Audit Program from scratch or use one already saved in your ‘Audit Program’ repository. Add activity, associated risks with the activity, existing controls in place and its effectiveness. Send Audit Program for review to Head Auditor, to Peers, to Auditee or export to excel.

Issue Engagement Letter

Inform auditees through a formal announcement letter created and sent through the LARS®.

Work Paper & Findings

Create work paper and findings for an audit program. Update fieldwork and findings for each control, policy or procedure evaluated.

Attachments

Keep all your audit files in one place. Easily share files, documents and images with Auditors, Auditees and Management. Supports all popular file formats including Microsoft Word, Excel, Power Point, Outlook Message, PDF, JPG, Gif, PNG, etc.

Observations

Create observations related to a control, policy or procedure. Capture complete observation details such as observation title, observation details, type, category, escalators, impact, short observation, recommendations, etc. Quickly fetch the list of open observations by audit area, auditee, department or SBU. Track completion status of all open observations based on completion of action plan created by auditees in response to recommendations.

Audit Program Repository

Create corrective and preventive recommendations for improvements in identified observations. Auditees can create action plan, assign responsibilities and sets deadlines in response to the suggested recommendations.

Recommendations

Audit program repository helps in achieving high quality audits each and every time even though if the Auditor has recently joined your organization. Create and leverage repository of best practice audits in the LARS®.

Peers

Share audit program with peers to get peer feedback or to take inspiration from peer audit program.

Workflow

Get better process control and enhance audit efficiency with in-built work flows such as audit program review, observation review, recommendation action plan review.

Reminders and Escalations

Set reminders to update status on pending action plan activities. Automatically trigger escalations by defining the number of days from due date of activity. Ensure completion of assigned activities within the target dates and effective implementation of recommendations by auditors.

Reports

Generate ready-to-present reports such as Audit Program, Work Paper and Findings, Observation Ageing Analysis, Observation Details, Observation report for Audit Committee, Status of Annual Audit Plan, etc. Save time spent on gathering, organizing, formatting content and creating reports.

Total control over Masters

Get complete control to configure the masters completely as per individual organization’s requirement. Create and manage masters such as Users, SBU, Location, Department and Audit Areas.

Get real-time completion status of ongoing audits at all locations at a single glance. Access ageing analysis of all open observations by importance, department and SBU.

Plan Annual Audits effectively by selecting audit areas based on control effectiveness. Measure the history of audit areas. Keep track of planned, unplanned, dropped, ongoing and completed audits.

Create Audit plan by assigning Audit Areas to Auditors and by providing start and end date for each audit area.

Auditors get a central workspace to manage all audit areas assigned to them. Keep all information of an audit area centralized at one place.

Create Audit Program from scratch or use one already saved in your ‘Audit Program’ repository. Add activity, associated risks with the activity, existing controls in place and its effectiveness. Send Audit Program for review to Head Auditor, to Peers, to Auditee or export to excel.

Inform auditees through a formal announcement letter created and sent through the LARS®.

Create work paper and findings for an audit program. Update fieldwork and findings for each control, policy or procedure evaluated.

Keep all your audit files in one place. Easily share files, documents and images with Auditors, Auditees and Management. Supports all popular file formats including Microsoft Word, Excel, Power Point, Outlook Message, PDF, JPG, Gif, PNG, etc.

Create observations related to a control, policy or procedure. Capture complete observation details such as observation title, observation details, type, category, escalators, impact, short observation, recommendations, etc. Quickly fetch the list of open observations by audit area, auditee, department or SBU. Track completion status of all open observations based on completion of action plan created by auditees in response to recommendations.

Create corrective and preventive recommendations for improvements in identified observations. Auditees can create action plan, assign responsibilities and sets deadlines in response to the suggested recommendations.

Audit program repository helps in achieving high quality audits each and every time even though if the Auditor has recently joined your organization. Create and leverage repository of best practice audits in the LARS®.

Share audit program with peers to get peer feedback or to take inspiration from peer audit program.

Get better process control and enhance audit efficiency with in-built work flows such as audit program review, observation review, recommendation action plan review.

Set reminders to update status on pending action plan activities. Automatically trigger escalations by defining the number of days from due date of activity. Ensure completion of assigned activities within the target dates and effective implementation of recommendations by auditors.

Generate ready-to-present reports such as Audit Program, Work Paper and Findings, Observation Ageing Analysis, Observation Details, Observation report for Audit Committee, Status of Annual Audit Plan, etc. Save time spent on gathering, organizing, formatting content and creating reports.

Get complete control to configure the masters completely as per individual organization’s requirement. Create and manage masters such as Users, SBU, Location, Department and Audit Areas.

Benefits

  • Bring Auditors, Auditees and Management together
  • Establish a transparent, uniform and centralized process for internal audit management at all levels of an organization
  • Get real-time completion status of ongoing Audits at all locations
  • Get ageing analysis of all open observations by importance of observation, department and by SBU

Other Laser GRC tools

Top