CMS Universe

Begin Audit Planning the Right Way, By Creating the Right Audit Universe

At the heart of an internal audit software lies Audit Planning, and Annual Planning begins with the creation of an Audit Universe. An audit universe represents the potential range of audit activities comprising a number of auditable entities including projects and initiatives related to the organization’s strategic plan, and it may be organised by business units, product or service lines, processes, programmes, systems or controls or by risk category/prioritisation.

Should internal audit maintain an audit universe? Well, though International Standards do not require internal audit to maintain an audit universe, the head of internal audit has the discretion whether or not to create and/or maintain an audit universe.

Inovaare’s Audit Universe Creation module promotes efficiency, transparency, and control across your internal audit process. Inovaare’s cloud-based audit solution offers flexible methodologies to plan strategically and enhance the productivity and performance of the internal audit department. Business owners can also plan and conduct different types of audits for any part of the Audit Universe at multiple locations seamlessly in no time and at no extra cost.

Inovaare Universe Creation

Key Benefits

  • Build an audit universe depending on potential and real risk areas each year
  • Assist the head of internal audit to form an ‘overall audit opinion’
  • Develop a consolidated assurance framework mapping different roles across functions
  • Align audit plans with your organization’s business objectives
  • Manage workpapers, findings, review notes, milestones and real-time project status
  • Timely coordination with business owners, governance, and other functions
  • Encourage a culture of accountability
  • Reports and dashboards in real-time

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