Audit Trails: Keeping Your Internal Audit Program Accountable & Compliant

Internal auditing used to rely on manual processes and complex spreadsheets — and too often this is still the case for financial institutions. However, many organizations recognize that, in addition to meeting regulatory requirements, effective internal audit practices support business strategy and performance.

For institutions that leverage digital transformation to modernize their approach to governance, risk, and compliance (GRC) management, cloud-based platforms use digital records and automated tracking to reduce the burden of time-consuming, error-prone manual processes and create audit trails.

Although it may seem like the primary goal of an internal audit is to assess and evaluate internal processes and controls for executives and other stakeholders, the audit function also plays a key role in the overall well-being, performance, and effectiveness of your organization.

Benefits of Automated Audit Trails

Through developing an agile and efficient internal audit program that provides a well-documented trail of audit data and activities, your organization can:

• Demonstrate sound corporate governance in evaluating internal controls
• Ensure compliance with relevant laws and regulations
• Provide the opportunity for corrective and/or preventative actions in response to audit findings

Read more: How CAEs Can Build Internal Audit Agility

Without an integrated GRC solution, organizations are limited in the internal audit activities they can perform. However, technology that supports automation and cross-functional collaboration equips audit teams to:

• Track audit requirements and controls
• Track and monitor corrective and preventative actions with audit trails
• Support better communication and workflows between stakeholders

Looking to streamline your internal audit program? Explore the advantages of an Audit Solution that equips your organization to standardize, manage, and track all your audit activities in one integrated system.