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Process Audit
Process Audit

Introducing Smart Audit-Processes (RBIA) - mandated by RBI
Based on COSO Framework :

Introducing Smart Audit-Processes (RBIA) - mandated by RBI
Based on COSO Framework :

We are introducing our new product- Smart Audit-Processes which is mandated by RBI vide its latest guidelines on Risk Based Internal Audit (RBIA). This product helps the user to have high level review at process level instead of transactions.

It helps to carry out risk and control assessments in line with standards and COSO framework.

It offers an end-to-end audit cycle from audit universe to audit performance and then audit and finding closure.

This product is easy to use and comprehensive. Our customer service is impeccable and responds timely.

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Features

Features

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  • • The user interface is simple to use which makes it easy for first time audit software users.
  • • The free text / note field provided to record process walkthrough for users and future audit reference.
  • • Use a library of standard objectives, risks, controls and tests for full control.
  • • Scope customisation- allowing user to tailor the scope. Excel upload facility available for risk control matrix (RCM) along with onscreen editing for risk and control.
  • • Allow user to configure their audit process and lifecycle i.e. scoping can be done for each process and further drill down to sub process as per audit scoping requirement.
  • • Upload / download facility for evidence against each observation and compliance.
  • • System logic for auto calculation of adjusted inherent, control and overall risk is well tested. Control risk is calculated based on operating and design effectiveness while Inherent risk is the output of probability, severity and criticality.
  • • Provision for selection/ updation of components of COSO cube, design gaps, control type, control frequency, risk type, risk severity.
  • • Auto display of sample size based on control frequency.
  • • Draft report release to audit for initial auditee response.
  • • Review and sign-off mechanism.
  • • Availability for detailed risk rating worksheet for visualising processes to risk to internal controls.
  • • Reporting - the automated reporting functionality allowing user to draw any information from an audit, including conclusions and descriptions to Word, excel, PDF format.
  • • Provides well designed and user-friendly auditee action/response tracker tool with timelines.

Control Risk

Control Risk

This is Add-On module available with Smart Audit.

The RBIA comprises of two components viz. Business Risk & Control Risk

Business Risk: Captures the data as prescribed by RBI and computes Business Risk of the branch automatically.

Control Risk: Uses the data from Smart Audit of any Internal Audit done & computes the Control Risk.

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