Audit Management System
Coordinate audit activities with a structured audit management system for planning engagements, defining audit scopes, organizing workpapers, collecting evidence, documenting observations, managing findings, assigning follow-up actions, and preparing audit reports. LaserGRC helps audit teams maintain organized engagement records and greater visibility across the audit lifecycle.
What this solves for audit management teams
Disconnected Audit Planning
Organize annual audit plans, engagement schedules, scopes, objectives, and assigned responsibilities within a consistent audit management process.
Unstructured Engagement Documentation
Maintain workpapers, evidence, notes, observations, and other engagement information in organized audit records instead of relying on scattered files and communications.
Findings That Are Difficult to Track
Connect audit findings with recommendations, management responses, responsible owners, target dates, and follow-up activities to support timely resolution.
Limited Visibility Across the Audit Portfolio
Provide a broader view of engagement progress, findings, outstanding actions, and audit activity so audit leaders can monitor the overall program.
Audit Planning & Scheduling
Develop audit plans and coordinate upcoming engagements based on organizational priorities, areas of review, and available resources.
Audit Engagements
Create structured engagement records covering scope, objectives, procedures, assignments, status, and relevant audit information.
Workpapers & Audit Evidence
Organize supporting documentation, testing records, evidence, and other materials generated throughout an audit engagement.
Observations & Findings
Document audit observations, control weaknesses, findings, recommendations, and related supporting information.
Management Actions & Follow-Up
Track responses, corrective actions, responsible parties, due dates, and subsequent follow-up activities associated with audit findings.
Audit Reporting & Oversight
Compile engagement information and results to support audit reporting, management review, and ongoing oversight of the audit program.
How an audit management system supports the audit lifecycle
Review the Existing Audit Program
Assess current audit planning methods, engagement workflows, documentation practices, reporting requirements, and follow-up processes.
Define the Audit Framework
Establish audit categories, engagement stages, roles, review criteria, finding classifications, and other standards required for consistent execution.
Organize Audit Information
Prepare existing audit plans, engagement records, workpapers, findings, recommendations, and action items for structured management.
Configure Audit Workflows
Set up processes for planning, engagement initiation, testing, evidence collection, finding management, approvals, reporting, and follow-up.
Validate Engagement Scenarios
Test representative audits from planning through closure to confirm that assignments, documentation, findings, actions, and reporting work as intended.
Refine Audit Operations
Adjust workflows, templates, responsibilities, and reporting practices based on audit team feedback and ongoing program requirements.
FAQs
(Frequently Asked Questions)
What is an audit management system?
An audit management system is software designed to organize and coordinate activities across the audit lifecycle, including planning, engagement execution, evidence collection, workpaper management, findings, reporting, and follow-up.
What can an audit management system help track?
It can help track audit plans, engagements, scopes, procedures, workpapers, evidence, observations, findings, recommendations, management responses, corrective actions, and follow-up activities.
How does an audit management system improve audit workflows?
By structuring audit activities and related records, an audit management system can reduce fragmented documentation, improve visibility into engagement progress, and provide a more consistent process for managing findings and follow-up.
Can LaserGRC support different types of audits?
LaserGRC helps organizations structure audit workflows around their specific review objectives, processes, control areas, evidence requirements, findings, and reporting needs.
Can audit findings be tracked after an engagement is completed?
Yes. LaserGRC can help maintain findings, assigned responsibilities, management responses, corrective actions, due dates, and follow-up information after the primary audit work has been completed.
Coordinate audit planning, engagements, evidence, workpapers, findings, management actions, follow-up, and reporting through a structured audit management environment. LaserGRC helps audit teams maintain connected records and consistent processes from planning through closure.
