Internal Audit Software
Updated on Thursday 24th August 2023
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In order to function properly, a company must set in place protocols that ensure everybody respects their duties and work in accordance with pre-established procedures. In order to ensure these are complied with, internal audits can be performed in order to verify the core aspects of each business. Nowadays, special software that measures performance indicators and that a company’s risk management, governance, and controls are operating at the required parameters.
An internal audit software not only can perform successful internal control procedures but can do that quickly and efficiently.
At PAID Analytix we try to deliver modern services that rely on Artificial Intelligence and one of the tools that can be used for complete internal audits is our software which is simple to use. We invite you to discover it below.
| Quick Facts | |
|---|---|
| Types of audits available | - internal, - external, - accounting audits |
Main features of internal audits | - it focuses on procedures, - it is complex in terms of verifications made, - it can be performed anytime required |
Purpose of internal audits | To verify companies' internal regulations, corporate governance rules, accounting regulations. |
| Types of companies addressed to | Medium and large-sized companies with complex activities |
| Verifications made during an internal audit | - risk management procedures, - legal requirements in terms of industry, - other specific operational aspects |
| Departments verified during an internal audit | - accounting, - IT department |
| Specialized internal audit software available (YES/NO) | Yes, internal audit software is available. |
| Features of the software used to perform the audit | - easy to operate, - quick assessment of all interested aspects, - possibility to choose the data analyzed |
| Duration of an internal audit | A few minutes |
| Internal audit planning possibility (YES/NO) | Yes, an internal audit software can be used to schedule any type of verification |
| Audit report issuance (YES/NO) | Yes |
| Requirements for the software to be run by an external specialist | No, it can be run by any designated person in the company. |
| Advantages of using an internal audit software | Software that can be personalized to a company’s specifics, does not require additional tools or programs. |
| AI-based internal audit availability (YES/NO) | Yes, our internal audit software relies on Artificial Intelligence. |
| Internal audit service availability (YES/NO) | Yes |
| Types of internal audits | - operational, - environmental, - compliance, - specific purpose-oriented |
Types of industries addressed |
An internal audit addresses all types of sectors of activity with high exposure risk to fraud and losses of any kind. |
Importance of an internal audit |
An internal audit is an important tool to keep in check the financial and operational health of a company. |
| Recurrence of an internal audit | Anytime considered necessary |
| Availability of risk assessment procedures (YES/NO) | Yes, internal audit software can be used for creating and implementing risk assessment strategies. |
| Possibility to signal department inconsistencies (YES/NO) | Yes, cross-department verification for inconsistencies is possible. |
| Possibility to use an internal audit as a management tool by directors (YES/NO) | Yes |
| Possibility to detect fraud (Yes/NO) | Yes, an internal audit software can also be used for detecting fraud. |
| Assistance in detecting financial loss (YES/NO) | An internal audit is not a direct tool against financial loss, but it can detect suspicious patterns. |
| Involvement of human factor | No, an internal audit software does not need human intervention during the process. |
| Option to integrate it with company software | Yes, our program can run along proprietary company software. |
| Degree of difficulty in use | Our software is very intuitive and can be used after a simple training. |
| Special equipment requirement (if any) | No, there is no need to install any additional equipment to run our soft. |
| Availability of audit planning (YES/NO) | Yes, you can create and modify audit checks anytime. |
| Availability of audit scheduling (YES/NO) | Yes, internal audits can be scheduled ahead. |
An internal audit software not only can perform successful internal control procedures but can do that quickly and efficiently.
At PAID Analytix we try to deliver modern services that rely on Artificial Intelligence and one of the tools that can be used for complete internal audits is our software which is simple to use. We invite you to discover it below.
The internal audit – what is it and why is it important?
Maintaining the most important files in order is one of the phases of the accounts payable process. Other steps include receiving vendor invoices and uploading them into an automated financial or accounts payable system, checking and matching invoices, sending for approval, and processing payments. In order to ensure a correct verification of payments, you can rely on an accounts payable audit.
An internal audit is a verification of a company’s internal controls, corporate governance, and accounting procedures, therefore, it encompasses multiple aspects of a business. It ensures correct compliance with the laws and regulations, which is why making sure these are respected is one of the main aspects to consider when having a business.
An internal audit has the important role of offering an independent measurement of a company’s risk management governance and can propose various actions that help it meet the imposed regulations. It can also offer the management the right tools to obtain operational efficiency by identifying the underlying issues.
If until now the verification of all these aspects was a time-consuming procedure, now, an internal audit software can handle them much faster.
From an accounting point of view, we can propose an accounts payable audit in order to make sure all invoicing methods are respected in accordance with the current standards.
Aspects covered by an internal audit
Duplicate payments are easy to occur when using manual AP procedures. This is why, many companies nowadays use automated software to make accounts payable entries. Our tool relies on Artificial Intelligence which is capable of doing the same work faster and more accurate.
There are several aspects that an internal audit relies on. These are:
- the assessment of risk management procedures which can rely on various departments in the company;
- signaling inconsistencies between the procedures implemented by the company and those imposed by the laws;
- helping the management in improving internal controls in the business.
Internal audits play one of the most important roles in protecting the company against various threats such as fraud, financial losses, and abuse.
If normally performing such a task requires more auditors and a few days to be completed, with the help of an internal audit software, the entire process will need no more human factor and will be handled much faster depending on the size of the business.
PAID Analytix specializes in offering tailored solutions to business owners in search of modern internal control systems and software that can be employed to perform usual tasks in the fastest way possible.
How to integrate an internal audit software in company systems
The integration of an internal audit software in the systems used to verify company controls is not difficult, considering that it only needs to be installed and then interconnected to the ones the business uses.
An internal audit software does not require any special equipment to work, which is why it is simple to set up and run, in order to offer automated results. The main advantage of using such a system is that will work independently while the user or users will have access to the data in the form of reports or any other selected structure.
The main features of an internal audit software
Compared to a traditional internal audit conducted by individuals, a software can prove more efficient as:
- issue draft audit reports that can be verified any time during the procedure;
- organize the documents in an easy to find and accessible manner;
- create audit plans that can be altered with a few simple clicks;
- plan one or more internal audits in the course of a year;
- record all the findings, make observations and recommendations.
An internal audit software, especially when relying on Artificial Intelligence, will render personalized results, just like an auditor would.
An internal audit can also important financial information on a company. Over the years, our software has proved very efficient, as it:
- was mainly used by large companies who are known to register losses of up to 1% of the value of their payments;
- is 30% more accurate compared to traditional auditing software, as it relies on Machine Learning;
- has the capability of verifying 1.5 million transactions in a short timeframe.
If you are interested in an internal audit software solution, do not hesitate to contact our specialists.
Radu Fertonea is the founder of Paid Analytix and Senior Manager with Executive MBA degree (Maastricht School of Management). He was director of operations at Societe Generale European Business Services, in charge with: Management of the Source to Report practice (Procurement, Accounts Payable, Accounts Receivable, Management Accounting) | Global redesign of end-to-end source to report activities | Consolidation of the Finance exercise for the European operations of Société Générale (100% coverage target by 2020) | Transition Management, Process Standardization and Continuous Improvement | People Management – team of 150+. With a broad experience in the financial field and after working with large societies which handle thousands of payments every year, came up with the idea which led to the creation of Paid Analytix.
