The purpose of an audit is to ascertain how the financial statements and non-financial disclosures present a fair and accurate representation of the organization’s situation, as well as if the organization is properly managed as per the law requirement. Audits can be done internally by employees of the organization, or externally by an outside firm.
Why is it important?
Any subject matter may be audited since it provides a third-party assurance that it is free from material misstatement. Audits can be related to financial information, secretarial and compliance, information technology (IT) infrastructure, internal controls, quality management, project management, water management, and energy conservation.
Due to an audit, stakeholders may effectively evaluate and improve the objectives achievements, the integrity of the organization, the effectiveness of risk management, control, and the governance process over the subject matter.
What are the benefits of technologies?
Technologies empower audit departments and firms to spend less time documenting and reviewing, and more time providing value-added services. Integrating audits into an overall GRC capability ensures that such activities are aligned with business objectives, strategies, risk management, compliance management, legal, finance, IT, and culture.
Technology increases the efficiency and productivity of the entire internal audit process, including documentation, risk assessment, scheduling, planning, execution, review, report generation, trend analysis, audit committee reporting, and storage.
Technology provides an integrated paperless strategy that allows a centralized and shared data base between all the collaborators.