Internal Audit System :
In order to deal with risks and ensure compliance with government regulations, arises the need for continuous audits. Internal auditing is an independent consulting activity designed to add value and improve an organization's operations. Audits help organizations bring efficiency into the business processes by bringing in accountability as well as advice of governing bodies, senior management and auditors.
With the increasing complexity of business and the type of audits required, audit management is becoming challenging day by day. It is no longer feasible for the audit teams to manage the same manually through excel and word documents.
LP-Audit helps organizations in managing audit-related activities, data, and processes in a single framework. The system provides an end-to-end functionality for managing the complete audit lifecycle - from audit planning and scheduling, to the development of audit plans and checklists, to recording observations and setting control points by the auditor, generation of audit reports including the review of audit recommendations by auditees and the Management, to the implementation of audit recommendations.
Additionally, the LP-Audit framework can be customized and re-configured to each company’s specification. Industry specific, geography-specific or product-specific needs are addressed during the scoping & installation process. LP-Audit can be integrated with company’s Enterprise Risk Management software (or use LP-CMS & LP-Risk (our enterprise compliance and risk management solutions)) in order to get a holistic approach to governance, risk and compliance needs of the organization. This integrated approach helps in avoiding duplication of effort, ensure the consistency of audit results, and facilitate a common risk assessment process across various assurance and compliance functions.
Entire Audit Life Cycle is managed with the help of:
Standardized audits and checklists
Meticulous Audit planning and scheduling
Detailed Audit reporting and recommendations
Streamlined field data collection
Extensive Audit recommendations reviews
Consistent auditing report generation
LP-Audit monitors various activities of the audit from the stage when the annual audit plan is prepared to the stage when action taken is entered for each Audit conducted. The system provides a step by step mechanism to track any audit planned in a year. The Central Administrator creates an annual plan of audits to be conducted throughout the organization.
For each audit to be conducted the following milestones need to be set by defining the planned dates.
Generation and distribution of Objective & Scope Memo
Actual Audit and Recording of Observations
Record Auditee response
Concurrence of HOD with Supervisor
Audit Committee minutes and closure of Audit
The system allows the Auditee to update the actions against activities pending to be closed at his end.
Various MIS help in monitoring the process.