A vital component in managing internal audit process. Helps plan, execute, and control the overall audit management process.

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AUDIT MANAGEMENT SYSTEM
Enables you to automate the entire
Audit Process
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2. Audit Management System
Objective
Automation of planning, scheduling, execution, compliance management and closure of
audits
To provide a single and centralized repository for all
compliance related data
Version control for all audit work papers
Scheduling & resource allocation for all types of
audits EXECUTIVE SUMMARY The
Audit Management Solution (i@AMS)
Facilitating availability of audit formats for auditors covers the entire Audit department. It
& auditees has been customized to suit
Supervisor Approvals requirements of various banks/
financial entities globally. It has been
Compliance workflow generically modelled on the Bank’s
Facilitating Audit Closure audit program & covers different types
of audits.
Business Benefits
Accelerates audit completion thereby decreasing costs associated with the process
Consistently implements standardized audit processes across business units
Automation of planning, scheduling, execution, compliance management & closure of
audits – boosting efficiency & minimizing timeframes considerably
Tracking of pending irregularities
Provides a single and centralized repository for all compliance related data
Provide a centralized view of the audit status.
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3. Audit Management System
i@AMS is built with different modules as mentioned below:
Empanelment Module
Normally banks conduct their audit through internal as
well as external auditors. For banks to plan the audit program, it is essential for the planning
department to know the resources available at its disposal. The empanelment process helps in
registering these resources.
The internal and external auditors can be empanelled by logging in through the website or by
way of uploads. A system based process helps to accept/reject/blacklist the applicant.
Planning Module Audit planning is the process of
scheduling the audits for different units and allocating
available resources to conduct the planned audit. The
audit schedule is derived based on the following factors
Type of audit
Periodicity
Duration
Audit schedule
Resource allocation
The system generates a plan based on the factors like risk rating during the previous audit,
business size of the branch, date of last audit and bank's norms for periodicity of audits. The
audit planning department can then allocate the resources available from the empanelment
module for carrying out the audit. The system takes care of the vacancies such as leave of the
resource, previous engagement of the resource etc.
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4. Audit Management System
Process Module The process starts with the audit program
being intimated to the auditor. The auditor gets reference of
the earlier reports and the relevant circulars. The audit formats are also maintained in the
system. The auditor conducts the audit and records his observations in the system. The report
is available to the unit head (auditee) who can respond to the comments. A corrective action
can be taken without much delay. On completion of the report writing, it can be saved into the
system. The alterations in the audit report can be made online and the same can be finalized.
Compliance Module This module takes care of the
response to the audit report and its verification by the
controlling office. The final authority of treating the report
as closed rests with the controllers. In this module the auditor, auditee and the controllers can
Respond to observations
Review response
Revert for confirmation
Review with controller
Close the report
MIS Reporting A number of MIS Reports can be
generated from the system. The bank management can
review the trends for risk in the bank on the basis of the
Risk ratings
Size of the branches
Branch wise
Region wise
Audit irregularity wise, and so on
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5. Audit Management System
Audit committee reports and reports required for statutory purposes can be generated from
the system. The reports and follow-up of pending irregularities can be easily done through the
system. The archival of the old reports can be tracked from the system. The cost of the audit &
productivity of the audit departments can also be tracked. The software contains Management
dashboards for the top management to get a unified view of the progress.
Admin Module Normal admin functions are available in
the system. The system maintains a profile of the users
according to which the rights are assigned to them. The
users get access to only the menus which are relevant and assigned to them. Similarly they can
access only those reports which they are empowered to access. The menus in the admin
module are
User maintenance
Organization structure
Reference to circulars
Library of forms
Rating structures
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6. Audit Management System
Features of the Audit Management System
• After resources allocation, audit format generated by admin is available
to the auditor for filling the observations and risk level
• Auditor provides the observation along with the risk level and status
Execution and submits to Audit Supervisor for approval.
• On the basis of the score and risk level given by the auditor rating sheet
is generated
Rating • Provides the overall calculation score of the observations given by the
Sheet auditor
• Approve /modify / reject the observations entered by the auditor.
Supervisor
Approval
• Admin can create Audit Format for different types of Audit
• Format depends upon branch type, audit type, audit area and allots the
Format rating, rating score and business risk level
Creation
• Generates a list of branches due for planning based on the last audit
date and the business risk of a particular branch
Planning & • Provides the next audit date and required man days to complete the
man-days
Scheduling Audit
• Zonal head can assign an Audit Supervisor and AS in turn can assign
auditor/s to a particular branch for conducting audit.
Resource • Resources can be re allocated / swapped with existing resources if they
re-allocated
Allocation / are on leave or not able to attend the audit.
Re-allocation
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7. Audit Management System
Compliance & Closure
AMT Controller: After submitting all the observations it will be shown to Audit Monitoring
Team for sending Compliance alert to respective branch.
Branch Head Compliance: - Audit Monitoring Team will forward the observations to
Branch Head for compliance. The branch head will provide the compliance with respect to
the each audit area. And after all the areas all compliance is approved; it is forwarded to
the branch controller for the compliance.
Audit Controller Compliance: - In this module the controller will approve /modify / reject /
FACC (Final Audit Closure Compliance) the compliance with respect to each audit area. If
the compliance is approved, the audit report will be forwarded for Audit closure. In case
the compliance is rejected, it will flow back to the branch head. If FACC has to issued, then
the points where there are irregularities will be included in the FACC report. FACC will be
issued by the Branch Head.
Audit Closure:-The audit closure process takes place when the controller receives response
for all the observations from the Branch Head.
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8. Audit Management System
Screenshots of the i@AMS Application
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