Audit Database Tool.
Cost effective solution for managing your Internal Audit department without spending big Small Internal Audit teams often face many challenges;…
2 Aug 21•
My Audit Spot
Cost effective solution for managing your Internal Audit department without spending big
Small Internal Audit teams often face many challenges; one of these being how to efficiently manage their function on a minimal budget.
Whilst larger teams may have the luxury of an end to end audit system (or Governance, Risk and Control tool), such as Galvanise, Team Mate, Workiva, and Pentana, these tools often cost quite a bit of money and are in excessive of your current department’s needs. As such, smaller audit functions often resort to multiple excel documents which are manual, time intensive, and run the risk of being corrupted and obsolete.
To help combat these challenges, we have developed an Audit Database tool. The tool has been built in Excel, meaning those who are Excel savvy can easily edit and manipulate the tool to suit the needs specific to their department and business. The Audit Database tool is a cost effective solution which provides the following:
- Audit Summary – A summary of the current annual plan status
- Annual Plan – Overview of the Annual Plan including resource allocation
- Audit Universe – Overview of the entity and current audit coverage.
- Risk Register – Overview of the current company risk register which integrates into the Audit Universe.
- Action Tracking Tool – Database to track all your open action items.
- Audit Committee Dashboard – A series of graphs and tables which can be directly copied and pasted into your audit committee deck template.
A brief snapshot of the database tool can be seen in the images below. Alternatively, you can view the free PDF version here.
To purchase a copy of this database tool, simply click here:
Members can download the tool as part of their membership in the Members Area. Not a member? Become a member here.
My Audit Spot are able to help you set up and establish your Database Tool so that it meets the needs of your function and your business. To discuss how we can help you, please contact us here.