Internal auditing is an independent and objective assurance activity to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
The internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met. The aim of internal audits is to identify weaknesses within the organization’s processes and control environment internally so that they can be fixed as quickly as possible to prevent harm to the organization or its stakeholders.
Accordingly, the internal audit plan for an organization should be driven by risk basis or, in other words, be designed to examine those areas that present the greatest risk to the company. I-Audit plays a vital role in managing such nature of audits and complies with Clause number 9.2 Internal audit of ISO Standards which are based on Annexure SL. I-Audit enables a systematic, workflow-driven, risk-based audit process, simplifies work paper management, and provides real-time reporting. The web based app has a responsive interface that allows auditors to enter data on-the-go from the convenience of their tablets and mobile devices. It also provides external auditors with access to audit data. I-Audit is a Internal Audit software solution because of its rich and complete functionality, user friendliness, and powerful reporting capabilities. It supports each step in the audit cycle