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MetricStream Internal Audit Management enables you to drive an agile internal audit program that is aligned with organizational goals and prepared for multi-dimensional risks, while preserving the trust of every stakeholder. The time spent on sifting through mountains of data to mine insights is significantly reduced. Internal Audit Management, built on the Integrated Risk Platform, is designed to make life simple, enhance productivity, and optimize opportunities that accelerate business performance.

Internal Audit Management

Internal Audit Management

Measure Your Program Outcomes

 
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  • 90%
  • reduction in audit review time

 
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  • 57%
  • reduction in issue resolution time

 
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  • 50%
  • reduction in the cost of audit follow-ups

 

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Source: Based on MetricStream customer responses and GRC Journey Business Value Calculator

Drive Risk-based Audits, Provide Better Assurance to Improve Performance.

MetricStream Internal Audit Management software, built on the MetricStream Platform, enables you to drive an agile internal audit program that is aligned with organizational goals and prepared for multi-dimensional risks, while preserving the trust of every stakeholder. The advanced audit methodology that leverages next-gen technologies, such as AI, drastically cuts down the time spent on sifting through mountains of data to mine insights. Internal Audit Management is designed to make the process simple, enhance productivity, and optimize opportunities that accelerate business performance.

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Why MetricStream Internal Audit Management Software

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Define and maintain the audit universe including auditable entities (such as business units, functions, and processes) and common libraries of risks. Define complex hierarchical structures leveraging the product’s multi-dimensional organization structure setup. Manage the relationships between various data elements effectively. Update the audit universe and libraries on a periodic basis in response to changes in the organization’s business, operations, programs, or systems.

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Document, manage, and assess risks across the organization leveraging a centralized risk framework. Gain visibility into the risks associated with auditable entities along with previous audit history through Audit and Risk Advisor reports. Enable efficient planning of audits, focus on key risk areas, and optimize available resources.

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Create dynamic audit plans with defined objectives and scope, and allocate auditors based on skills/availability with the resource scheduler. Allow multiple auditors to collaborate on a single overall audit plan. Enable changes to be made to the plan until the plan is released for execution.

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Leverage the product’s powerful project and resource scheduler, as well as profile management tools to store auditor profiles, check resource availability and conflicts, and allocate appropriate personnel to audit projects. Capture the time spent in auditing through the product’s time-tracking capability. Plan audit activities efficiently through Gantt Charts and Timesheet reports which provide comprehensive details on audit schedules.

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Record findings, detailed observations, and recommendations in workpapers in pre-defined formats. Attach supporting evidence, configure checklists, and cross-reference workpapers and other documents with the ability to audit offline.

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Find and document audit issues. Leverage AI/ML to quickly identify and recommend issues based on relation and recommend issue classification. Prioritize and assign resources for investigation and remediation with an underlying workflow and collaboration engine. Define an action plan and track the remediation process and issues to closure.

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Generate draft and final audit reports with the ability to track the number of transactions during the review and approval workflows in a configurable format. Gain real-time access to audit data, history, and an analysis of audit results with audit status tracking reports and dashboards.

Business Benefits with MetricStream Internal Audit Management
  • Drive exceptional business performance by aligning audits to strategic imperatives, objectives, and risks
  • Create agility and collaboration across teams to optimize audit productivity and allocate resources based on the highest risk impact
  • Gain visibility into potential opportunities and areas of improvement through a systematic issue remediation process
  • Be a trusted advisor to the board and stakeholders by providing timely, reliable audit reports
BUSINESS VALUE CALCULATOR

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Frequently Asked Questions

Yes. Our Internal Audit Management product incorporates best practices outlined in the industry standard frameworks such as COSO, COBIT for creating audit program workflows and control test templates. It facilitates audit teams to plan the audits aligned with the regulations and standard guidelines followed by the organization such as SOX and ISO.

The MetricStream Internal Audit product capabilities help you document, manage, and assess risks across the organization leveraging a centralized risk framework. You can gain visibility into the risks associated with auditable entities along with previous audit history through Audit and Risk Advisor reports. It supports efficient planning of audits, focus on key risk areas, and optimizing available resources.

MetricStream Internal Audit helps you define and maintain the audit universe including auditable entities (such as business units, functions, and processes) and common libraries of risks. You can define complex hierarchical structures leveraging the product’s multi-dimensional organization structure (MDOS) setup.

Yes. Our Internal Audit management software provides comprehensive capabilities to plan, schedule, manage time and resources, conduct fieldworks, create audit reports, and manage issues and action plans. MetricStream mobile capabilities for internal audit help auditors to respond, review, and approve audit plans and assessments; manage audit checklists; complete audit workpaper and findings; and perform control tests on the MetricStream Internal Audit Mobile App.

As an audit manager, you can create dynamic audit plans with defined audit objectives, allocated time and resources, and execute audit field work where multiple auditors can collaborate on audits. You can also create audit reports and manage audit issues and action plans. The product helps you to generate draft and final audit reports with the ability to track the number of iterations during the review and approval workflows in a configurable format. You can gain real-time access to audit data, history, and an analysis of audit results with audit status tracking reports and graphical dashboards.

You can visit our Insight section to explore our customer stories, webinars, thought-leadership, and more. To request a personalized product tour, click here.

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