Internal audits are like pre-tests for organizations to evaluate their governance, risk management, and control activities before an external audit and also for internal checks and balances.
Setting up these independent and objective reviews can proactively catch gaps in your processes and guide your corrective action planning. Many organizations use internal audit management to boost their operations by acting as a line of defense after operational management and risk and compliance management.
Risk Cloud’s Internal Audit Management Application is built specifically to help internal audit teams be as efficient and prepared as possible for any audit cycle, internal or external. The Application manages internal audits so your teams can proactively identify gaps and improve your current processes.
The Application’s Audit Universe contains all of the auditable entities within your organization in addition to built-in risk assessment, audit, and corrective action plan workflows. Your internal audit team can assess, identify, remediate, and report on issues internally to prepare for future audits and continued reviews right within this pre-built Application in Risk Cloud.