Devising Your Risk-based Internal Audit Process

If you are anything like the majority of auditors in the industry, then you will know that when it comes to devising a new risk-based internal audit process it can seem like a fairly daunting task. Creating internal audit procedures which are not only effective, but which meet with the boss's approval can take years to perfect. The good news is that it is about to get easier! You are not alone in your quest and many auditors before you have trodden this path and are now allowing you to benefit from their experiences and the lessons they have learned from their mistakes over the years. They do this in the form of internal auditing software devised to take the strain out of the internal auditing process. This type of software will allow you to have an effective framework at your fingertips which allows you to build an effective risk-based internal audit procedure for your company.


The majority of internal auditing software will provide a basic framework based on the general purposes and objective of audit based work. These might include:

• Tools which allow you to both understand and document the processes and procedures of the department under internal audit.
• A template for clearly defining the objectives of that department.
• The opportunity to define risks and threats to the department's ability to achieve their objectives.
• Reporting which allows a clearer understanding of the controls already in place to control risk, which in turn will pinpoint any weaknesses.
• The ability to both monitor and report efforts made to control weaknesses moving forward from the initial audit.

All of these basic steps are generally able to be categorized in one of 4 ways : planning, fieldwork, reporting or follow up. Using internal auditing software allows you to combine these four areas of the auditing process seamlessly for the most effective results. Using, auditing software allows you to produce consistent, high quality audit work without the need to develop an internal audit procedure from scratch, thus freeing up your time and allowing for a much more efficient process. With the help of an internal audit program, you will soon be on the path to evaluating objectives and managing risks effectively with the minimal amount of error or disruption to day to day procedures. Why not start looking for an appropriate auditing program today and start the journey to superior performance without delay.