Internal Audit Management System
Coordinate the internal audit function through a structured system for developing audit plans, managing engagements, documenting procedures, organizing evidence, recording findings, assigning recommendations, and monitoring follow-up. LaserGRC helps internal audit teams maintain a connected view of audit activities while keeping engagement information organized throughout the audit lifecycle.
What this solves for internal audit departments
Disjointed Audit Program Administration
Manage audit schedules, planned reviews, engagement details, assignments, and progress through a defined system rather than coordinating each activity separately.
Difficult Workpaper & Evidence Organization
Give auditors a structured place to maintain testing documentation, supporting evidence, notes, and engagement records associated with their review activities.
Unclear Status of Audit Recommendations
Maintain visibility into recommendations, management responses, responsible parties, deadlines, and outstanding corrective activities after findings are issued.
Incomplete View of Department Performance
Help internal audit leaders examine engagement progress, unresolved findings, follow-up requirements, and other information across the audit program.
Audit Universe & Planning
Organize auditable areas, planned reviews, priorities, objectives, schedules, and other information used to build the internal audit program.
Engagement Administration
Manage individual audit assignments with defined scope, objectives, procedures, responsibilities, milestones, and status information.
Audit Procedures & Workpapers
Document audit procedures and retain workpapers, testing details, notes, and supporting materials associated with engagement activities.
Evidence & Observations
Record evidence reviewed during an audit along with observations and other matters identified during testing and evaluation.
Findings & Recommendation Tracking
Associate findings with recommendations, management responses, accountable owners, target dates, and corrective measures.
Follow-Up & Audit Reporting
Monitor open actions and follow-up reviews while organizing engagement results and program information for reporting and oversight.
How an internal audit management system supports the audit cycle
Map the Internal Audit Operating Model
Review the current audit universe, planning process, engagement stages, responsibilities, documentation practices, and reporting expectations.
Define Audit Management Standards
Establish common terminology, engagement stages, finding classifications, review points, responsibilities, and follow-up requirements.
Structure the Audit Repository
Prepare existing audit plans, engagement information, workpapers, findings, recommendations, and action records for organized management.
Configure the Audit System
Set up workflows covering audit planning, engagement execution, evidence handling, findings, recommendations, management responses, and follow-up.
Test End-to-End Audit Scenarios
Validate the system using representative audit engagements to confirm that planning, execution, documentation, approvals, and closure processes function appropriately.
Enhance Ongoing Audit Operations
Use feedback and operational experience to refine workflows, reporting, templates, responsibilities, and other aspects of the internal audit system.
FAQs
(Frequently Asked Questions)
What is an internal audit management system?
An internal audit management system is a structured software environment used to coordinate internal audit planning, engagements, procedures, workpapers, evidence, findings, recommendations, management responses, and follow-up activities.
How is an internal audit management system different from spreadsheets?
Spreadsheets can record selected audit information, while a dedicated system can provide structured workflows for planning, engagement management, documentation, findings, actions, follow-up, and audit reporting.
What information can be managed in an internal audit management system?
Depending on the organization's configuration, the system can manage audit plans, auditable areas, engagement scopes, procedures, workpapers, evidence, observations, findings, recommendations, management responses, corrective actions, and follow-up records.
Can LaserGRC support multiple internal audit engagements?
Yes. LaserGRC helps teams organize individual engagements while providing a broader view of audit activity, findings, responsibilities, and follow-up across the internal audit program.
Can an internal audit management system support follow-up activities?
Yes. A structured system can maintain information about recommendations, responsible parties, action deadlines, remediation progress, and follow-up reviews so unresolved matters remain visible after an engagement.
Coordinate audit planning, engagements, procedures, evidence, workpapers, findings, recommendations, management actions, and follow-up through a structured system. LaserGRC helps internal audit teams maintain organized records and greater visibility from the initial audit plan through final closeout.
