A Remedy for Decentralized Audit Approaches

Is your organization still struggling with manual audit processes? Do you have audit projects, past audits, and workpapers strewn about in various shared network folders (or worse, on various hard drives)? Do your auditors have to rely on email to collaborate and share documents? How about your naming convention—has your audit group standardized the way that documentation is labeled to help you to keep the information organized and easy to reference? Speaking of standardization, have audit processes been standardized across the organization or does each location or division manage their own audit program? And what would you say about your review and approval process? Is it clearly mapped, followed, and approvals communicated? Are audit findings routinely rolled up and reported?

RGP’s policyIQ addresses each of these challenges so that you can realize more effective and efficient management of your organization’s audit function. Leverage predefined Templates, Folders, Workflow, Reports, and Audit Trail for your compliance, audit, or policy management documentation. It is also simple to customize the structure to accommodate ongoing changes or characteristics that are unique to your organization, program, or team.

Configuration adjustments are at your fingertips. You do not have to reach out to a support desk or technical team to add templates for specialized workpapers, IPEs (Information Provided by Entity), or for your PBC (Provided by Client) process. Adjustments can be made directly by users authorized in your organization. If you haven’t yet incorporated those templates into the flow of your work and want some help getting them set up, we do have support and configuration specialists who are happy to walk you through the setup of your custom program.

We expect all of RGP’s policyIQ audit clients to be enjoying these benefits in your audit program:

  • Consistent enterprise-wide audit process
  • Centralized access to workpapers and IPEs
  • Simplified administration of PBCs and audit process
  • Ability to easily locate and leverage audit templates/projects and previous audits
  • Streamlined communication among management, auditors (internal and external), and approvers
  • Real-time monitoring capability and status reporting
  • Simplified management and audit committee reporting

We’re ready to help you reach your goals!

Whether you are an existing policyIQ user or a new one, we want to help you to improve and automate your audit program. Perhaps you are new to the administration of your site or you are not sure how to make adjustments to the configuration of your site’s templates or structure. Reach out to us and we’ll be happy to help you get started or to optimize your implementation. Support@policyIQ.com.

Which part of your SOX program do you want to improve this year? This list of resources will help.

Soup to nuts—or Risk Assessment to Review of Evidence, we are ready to help you make your 2016 Sarbanes Oxley compliance work more efficient than ever! You will notice that we have another post this month that talks about rolling forward last year’s SOX work to create the baseline for your 2016 work. Some of you might not want to repeat last year’s work. Maybe you didn’t use policyIQ last year or you’d like to make improvements on what was done in previous years and take advantage of all that policyIQ has to offer. We have some tips and tools to help you:

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  • Risk Assessment – We previously shared a sample template with you that you might want to implement for 2016. If you already have your Financial Statement Risk Assessment complete, we can help you with your plan to import and tie the results of that assessment to relevant assertions and controls. Capturing the full cycle in one place will not only help your organization to be much more efficient, it will also save time and money when your external auditors are looking to connect.
  • PCAOB’s Auditing Standard No. 5 – Are you looking to make improvements to your process and work more efficiently this year? Check out this visual summary or watch the full recording of the webinar that walks through the application of AS5.
  • chart2Link related compliance elements and utilize various reports to monitor progress, analyze performance, and stay on top of your program. We have lots of ideas about SOX reporting. Check out you online Help manual and this post for some ideas.
  • Automate supporting processes – are you still using Word, Excel, and email to manage your 302 Certifications, Control Self Assessments and Narrative Reviews? One of the most frustrating parts of this work is having to inventory the responses and pester people to get their work done. You can literally perform the setup of these tasks one time and then consider it complete forever after using policyIQ’s Forms functionality to automate the inventory and reminders.
  • consultantsGrant External Auditors access to only that content which you want them to see! Have you done this yet? I recall being scolded by a client who told me that we don’t brag about this benefit enough. He felt that he could have saved a significant amount of time and money over the years and wished he had granted their external auditors access much sooner. It’s really easy to bring them into the fold and show them only what you want them to be able to review. Here’s how.
  • Evidence gathering – If you find that a lot of time is spent by auditors, managers—everyone—rounding up information, perhaps it is time to commit to one main holding place for your evidence. You can even use policyIQ to help automate and monitor the collection of evidence. We have some posts discussing what has been done in the past and we’ll be taking a fresh look at options surrounding the Evidence Collection effort in an upcoming training session—please join us!

E012649We hope that this list of resources is helpful to you or at least has you thinking about things that you’d like to manage more efficiently. We often work with people who feel like they just don’t have time to figure out how to save time! We get it. That’s what we’re here for! If you don’t have time to read posts and play around in policyIQ, but want to realize the benefits sooner than later, reach out to us and we’ll walk you through some simple adjustments that you can make to gain relief and command over your information right away!