Key function and components of Audit360
Audit360 captures the workflow and controls at all stages of the audit process, and includes tools for documenting ethical declarations by auditors, audit team competence, and approvals according to a password based hierarchy.
Enable Risk-Based Annual Audit Plans and Monitor Audit Progress: Through the automation of the risk assessment, Audit360 significantly improves the efficiency and quality of the audit planning process. Utilizing key risk factors such as size of budget, past audit findings, transaction complexity and the quality of controls, SAIs are able to standardize their risk assessment practices and over time build robust and critical decision making tools in support of public sector audits.
Module 2: Audit Field Work and EWP
Automate Audit Methodology and Quality Assurance Process: Audit360 provides Electronic Working Papers (EWP) functionalities and can be customized to support different types of audits. Combining EWP and audit workflow functionalities, Audit360 enables audit teams to complete audit working papers electronically using portable computers as well as tablets from field locations and remotely communicate with the audit supervisors located at other locations. This ensures more consistent and uniform data capture and recording during audit engagements and enables audit management to better supervise the audits thereby improving audit execution, management and audit quality.
Module 3: Audit Reporting and Follow-Up
Automate the Preparation of Audit Reports and the Audit Follow-up Process: Building on their ever increasing database of audit data, Audit360 provides tools that allow audit authorities and departments to analyze and query the audit observations databases to identify cross cutting issues and trends, enabling them to offer targeted and appropriate advice to the government for taking remedial action. This data repository and these technical tools are invaluable to your organization and stakeholders, including auditees and the Parliamentary Public Accounts Committees (PAC) and are pivotal to enhancing the relevance, quality and impact of public sector audits.
Module 4: Application Administration
Back-end Management Made Simple: Audit360 hands control over to the audit authority, allowing them to manage access, modify user profiles and update organization and auditee information without having to depend constantly on outside support.