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Whereas the management of a business may want to respond immediately to a notified event in order to meet their day to day obligations, internal audit has a slightly different perspective on things. They are responsible to management and the board for identifying and evaluating the effectiveness of the organisation’s risk management system, processes and controls as implemented by management and the business.
Auditors conduct the evaluation to provide assurance to stakeholders, the audit committee, and senior management regarding the state of risk and control systems and, in the case of legislation or regulation, the reliability of management’s representation concerning the state of controls.
Ideally, auditors are not part of the management process and do not design or maintain the controls, thus retaining their objectivity and independence.
For the Internal Auditor the Categoric solution provides:
- A reduction in audit cycle times
- A faster, cheaper, more efficient, and more effective audit process.
- The ability to audit 100% of a transaction universe as opposed to just transaction samples
- Expansion of the scope and frequency of the audit process
- The ability to communicate more effectively with business units, senior management, and the audit committee
- A method of overcoming the constraints of traditional internal audit cycles, characterized by time-consuming annual risk assessments, complex internal audit engagement plans, and manual internal audit methodologies requiring extensive reporting.
- A way to deliver more effective independent assurance to key stakeholders.
- More timely analysis of risk factors and control assessments
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