The internal audit profession is in the midst of great change. Organizations are raising expectations around the nature and quality of services that internal audit departments provide. Moreover, the traditional mindset that internal audit best serves its stakeholders by acting as a “backward-facing” function, providing point-in-time opinions on the effectiveness of internal control, is being replaced by the expectation that internal audit acts as a strategic partner to management. This requires demonstrating a keen understanding of the business, the broad set of risks it faces, and the overall effectiveness of the programs that internal audit has put in place to ensure that organizational objectives are met.
To meet the challenges and expectations for internal audits, organizations must have the ability to access and leverage the critical information that drives audit activities. Organizations must also execute and document audit work in a manner that provides essential information and insight to the organization and enables compliance with best-practice internal audit standards.
RSA Archer Audit Management provides a more efficient, transparent internal audit process. Delivering a risk-based, business-aligned approach to internal audit, it serves as a primary mechanism to enable organizations to adopt the International Standards for the Professional Practice of Internal Audit (IIA standards) as outlined by the Institute of Internal Auditors (IIA), the governing body for the internal audit profession worldwide.
Audit Management enables the identification and risk assessment of the audit universe. It also allows execution of audit projects using a risk-based scoping methodology, issue identification and remediation tracking, and internal audit quality assurance activities.