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.