Audit Management

The BarnOwl audit module is a highly configurable audit management solution that supports the full internal audit life cycle of planning, execution, reporting, monitoring, and follow-ups enabling an organisation to streamline and standardise its internal audit processes. The audit module supports true risk and control based auditing ensuring that risks that matter to the organisation are audited and that the results are updated back into risk management. The audit module provides many standard reports, flexible extracts and final audit reports automatically (in Word) as well as providing advanced business intelligence dashboard reporting enabling an organisation to gain insight into ongoing audit findings, root cause analysis, risk analysis, trends, benchmarking etc. The BarnOwl audit module supports and embeds best practices frameworks such as International Professional Practice Framework (IPPF).

Audit Management Process

Audit Universe Management

Define and maintain a centralised library including auditable
processes, entities, audit objectives, risks, controls and tests
Setup the various audit project types and templates using
BarnOwl’s Project File Organiser (standard tasks, audit steps,
audit programmes, template documents etc.)

Risk Assessment

Identify risk areas for assessment
Various risk reports and scorecards are used to assist risk and
control based audit planning
Send out automated risk and control self-assessments via
BarnOwl’s web-based voting technology

Audit Planning and Scheduling

3 Year rolling audit plan and resource planning
Create an internal audit project from an Audit Plan or directly
from Processes and/or the Organisational structure
Select the type of audit project which automatically loads
the relevant Project File Organiser (PFO) template and audit
programme/s from the library
Select the relevant risks and controls to audit (automatically
imported from the risk management module)
Allocate resources to the audit project tasks with planned hours

Audit Fieldwork and Execution

Execute the audit based on the project file organiser (PFO)/
audit programme/s
Complete control adequacy testing and rating
Complete effectiveness testing including audit procedures and sample testing
Attach evidence
Update control effectiveness rating
Capture findings or search a library of findings including fields such as standard (criteria), finding, impact, root cause and recommendations
Send out findings to management for comment and import management comments automatically
Capture audit’s risk assessment ratings
Review audit work using the PFO (project file organiser)
Capture ‘living’ action plans based on management comments
Rate audit objective/s
Full preparer, reviewer and sign off functionality with online and offline check-in and check-out
Capture and clear review notes
Complete and sign off of time sheets

Audit Reporting

Generate audit reports from a selection of flexible report templates
Generate standard findings reports including action plans
Design and generate flexible data extracts directly into Excel
Generate final audit reports in Microsoft Word

Audit Finalisation and Alignment back to Risk Management

Clear review notes
Close the audit project
Perform audit alignment whereby risk management is updated with audit’s risk and control ratings including the import of any new risks and/or controls that may have been identified during the audit
Combined assurance reporting showing independent rating of risks and controls by the various assurance providers
Automated audit satisfaction surveys

Audit Findings Management
and Monitoring

Track and analyse findings and remedial action
Automated reminders, notifications and escalation emails and the online completion of action plans by the auditee with audit trail history showing remedial action progress
Advanced business intelligence dashboard reporting enabling an organisation to gain insight into ongoing audit issues, root cause analysis, risk analysis, trends, benchmarking etc

Follow-up Audits

Create a follow-up project from a completed audit. Findings and execution data (ratings, working papers, etc.) are automatically pulled through into the follow-up audit project from the completed audit project
Review the action plan progress and documentation against findings
Set status after follow-up e.g. (Resolved, Progress Satisfactory, Progress Unsatisfactory, Unresolved)
Raise new findings
Generate follow-up report

Benefits of using BarnOwl Audit

Increases audit coverage whilst reducing audit time and cost.
Incorporates built-in best practices and supports the adoption of the IIA standards.
Facilitates risk & control based auditing, ensuring that risks that matter to the organisation are audited and aligned back to the business.
Simplifies and standardises audit processes with centralised ‘working-paper’ library for all types of audit: risk & control, ad hoc, forensic, compliance etc.
Eliminates audit errors and inconsistencies by standardising the audit process and enabling centralised library look-up.
Generates final audit reports, audit committee reporting, advanced business intelligence dashboard reporting at the click of a button.
Allows for online follow-up of findings via web-based action plans.
Fully integrated with risk management providing enterprise-wide visibility of risk and combined assurance reporting.
Supports working online and offline with advanced synchronisation.

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Audit Management

Audit Management Process

Audit Universe Management

Risk Assessment

Audit Planning and Scheduling

Audit Fieldwork and Execution

Audit Reporting

Audit Finalisation and Alignment back to Risk Management

Audit Findings Management
and Monitoring

Follow-up Audits

Benefits of using BarnOwl Audit

Enquiry Form

BarnOwl Solutions

RISK MANAGEMENT

COMPLIANCE

AUDIT

Audit Management

Audit Management Process

Audit Universe Management

Risk Assessment

Audit Planning and Scheduling

Audit Fieldwork and Execution

Audit Reporting

Audit Finalisation and Alignment back to Risk Management

Audit Findings Management and Monitoring

Follow-up Audits

Benefits of using BarnOwl Audit

Enquiry Form

BarnOwl Solutions

RISK MANAGEMENT

COMPLIANCE

AUDIT

Audit Findings Management
and Monitoring