The internal audit function is crucial in organizations as it serves as an independent and objective assurance mechanism, ensuring that governance, risk management, and internal control processes are effective. By evaluating and improving these systems, internal audit helps identify inefficiencies, compliance gaps, and potential risks that could jeopardize organizational goals. It also provides senior management and the board of directors with insights and recommendations, enabling informed decision-making. Internal audit, therefore, plays a vital role in safeguarding organizational assets, ensuring accuracy in financial reporting, and promoting adherence to laws and regulations.
In the context of the three lines of defense model, the internal audit function represents the third line, serving as the final checkpoint for risk management. The first line of defense comprises operational management, which owns and manages risks. The second line includes risk management and compliance functions, which monitor and oversee risk practices. Internal audit provides an independent review of the effectiveness of the first two lines, ensuring that risks are appropriately identified, mitigated, and reported. This structure strengthens organizational resilience by embedding a robust system of checks and balances, ensuring accountability across all levels.
Holistic view of Audit Universes
Our AMS system allows Auditors to manage, plan and view the audit universes in holistic and high-level to better understand the overall risks within the organization.
Streamline your Risk-based Audit Processes
Retrieve the risk register with its residual from the Risk Management to assist the Auditors in better assessing the severity of the departments or processes.
Easy-to-use Audit Engagement Project.
Meticulously designed the authority of the Auditors within the Audit Engagement project. Automate your working paper, Audit Procedures and LHA reports generation with all the observations as well as the action plan.
Powerful and Flexible Workflow Approvals
Using the workflow admin features, AMS allows a very flexible workflow approval which can be customized and defined for every working paper on every single Auditee.
We understand that during AMS implementation, users approvals need to be maintained and changed very frequently i.e. users on sick or urgent leaves, user moves departments and etc. Hence, our workflow mechanism enables cross-departments approval, reviews and finalization of all working paper.
This includes flexible assignment of person-in-charge, escalation approval workflow which can be configured and amended at any point of time within the organization.
Dashboard and Tracking Report
Users can easily search for reports that they need by looking through a graphical data and click the one they need, or search through all the working papers from various departments from the table list.
Data Source Connector
We have provided an Excel file as the medium for the data sources to working paper within Audit Engagement. If required, our system can be further customized to integrate with any other data source providers within the organization.
Customizable Platform / Solutions
Most importantly, on top of facilitating all the features above, our AMS is a very flexible platform that can be further customized / developed to support customizations / additional features according to your needs while following our best practices. This helps to ensure that the AMS is the right solution that fully fit to the existing processes within your organization.
Others
Our licenses is not user-restricted and we support both perpetual and subscription licenses.
Master Data managements - audit roles, audit key dates and etc.
Emails Reminder and Notification.
Integration with Risk Management System for better understanding of the holistic risks within organisation.
And many more...
Feel free to contact us to know more about this product. Don't forget to also check on our various other products i.e. Operational Risk Management System (ORMS).
