Working on workpapers: policyIQ and Internal Audit

Internal auditors are frequent users of policyIQ for Sarbanes-Oxley compliance, but many audit departments also choose policyIQ to manage all their audit work outside of SOX.

What makes policyIQ a good tool for audit workpapers?  Even though it isn’t designed specifically for workpaper tracking, it has many of the features necessary to manage that content effectively:

  • Create as many customizable templates as you need (Audit Plan, Audit Test, Scoping Document, Audit Finding, Management Recommendation, Meeting Minutes, etc.)
  • Check-in/out workflow to collaborate, assign, review and approve content
  • Change history and version history
  • Expiration date reminders and due dates on assigned tasks
  • Flexible folder organization with necessary security
  • Dashboard to-do list
  • Robust reporting with custom fields, logic operators (AND, OR, NOT), different outputs, and Excel exports
  • Hosted delivery accessible to your external auditors

policyIQ’s strength has always been the ability to configure it for many different uses, including SOX, policies & procedures, contract management, account reconciliations, regulatory tracking, ERM, and in this case for internal audit workpapers.  It may not have all the bells and whistles of a system dedicated just to audit workpapers – but if you are already using policyIQ for another purpose and don’t have a good internal audit workpapers system, it can be a free (or at very worst a low cost) solution to consider.

Checkout our whitepaper describing one way to configure policyIQ to manage internal audit workpapers.

This entry was posted in Solutions by Stacey Zearott. Bookmark the permalink.

About Stacey Zearott

Stacey is the Operations & Sales Coordinator for policyIQ. She is coming up on her 1 year anniversary with the company. She has a very strong background in sales and operations with 15 years in the communications sales industry. Not only does she bring this knowledge and background to the team, but a love of theatre, fun hair and just the need for a daily dose of laughter.

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