A Comprehensive Audit Management System
Strengthening Third line of Defence
Fiction2Fact’s robust audit management tool, Samiksha (which in Sanskrit, means review or critique), is designed to help organizations manage a wide range of audit related activities, data, and processes in a single, comprehensive framework.
The product provides end-to-end functionality for managing the complete audit lifecycle including audit planning and scheduling, development of standard audit checklists and RCMs (Risk Control Matrix), data requirements and query management, audit execution, development of draft audit reports, capturing of management action plan, preparation & circulation of final audit reports and tracking the implementation of audit recommendations.
A complete set of reports and dashboards are available facilitating both, a bird’s eye view as well as a deep-dive into audit observations and their causalities, ownership and categorization.
The following features are available in Samiksha:
- Audit Planning & Scheduling: The annual audit plan approved by the audit committee is imported in this module. Schedule for various milestones like pre-scoping, scoping, risk assessment, data gathering, draft report preparation etc. is also maintained here.
- Risk Assessment / Risk Control Matrix: Risk assessment done by the auditor with details like process, control objective, risk description, inherent risk rating, control description, type of control (automated/manual, preventive/detective, maker-checker/no maker-checker) etc. is managed here.
- Data Requirements and Query Management: Once the audit has been kicked off, various data requirements and queries raised by the auditors to the auditees and the auditee responses are captured here.
- Audit Execution/Draft Report Circulation: Whether it is a checklist based audit or an ad-hoc one, the observations/issues are recorded, the draft report is circulated to the auditees for the management action plan and auditees provide their response on the observations raised.
- Final Audit Report Circulation: Based on the response received from auditees, final audit report is prepared and circulated to the management.
- Audit Issue Updates: The auditees are required to provide an update/closure details for the open issues for their unit. This module is workflow based and shall involve unit SPOCs, function heads, CXOs and the auditor. The closure/target date extension of the audit issues is done in this module.
- Audit Feedback: Here, the SPOC of auditee unit(s) provide their feedback on the qualitative aspects of the audit carried out.