EAM – EXTERNAL AUDIT MANAGEMENT
GOLDENHORN External Audit Management
The ‘External Audit Management’ module of the GOLDENHORN ONEGRC Software Suite presents a multifaceted approach to managing and conducting external audits. It encompasses a variety of key features, each designed to optimize different aspects of the external audit process. From initial identification of audit requirements to the final stages of conducting and responding to audit findings, this module ensures that each phase is handled with precision and efficiency. These features provide organizations with the tools necessary to ensure comprehensive coverage of all external audit-related activities, enhancing the reliability and effectiveness of their audit processes.
The ‘External Audit Management’ module of the GOLDENHORN ONEGRC Software Suite is an all-encompassing solution designed to manage and streamline the external audit process within organizations. This module includes specific sub-modules such as Business Assurance and External Audit, Regulatory/Compliance Assurance and External Audit, and Engagement/Volunteer Assurance and External Audit, each targeting different aspects of external auditing. The integration of these sub-modules ensures a comprehensive approach to external auditing, covering everything from business assurance to regulatory compliance and stakeholder engagement. This suite is designed to assist organizations in effectively managing external audits, ensuring they comply with external standards and regulations.
Key features of the module, including Identify, Master Data Management, Plan, Conduct, Protect, and Detect Building Blocks, provide a robust framework for the entire external audit process. These features encompass the identification of audit requirements, management of audit-related data, planning and conducting audits, ensuring control effectiveness, and detecting and responding to findings. The comprehensive nature of these features ensures that organizations are well-equipped to handle the complexities and challenges of external audits, from preparation to execution and follow-up.
The ‘External Audit Management’ module delivers significant value by offering a structured and efficient approach to managing external audits. The Identify Building Block enables organizations to effectively identify audit requirements and objectives, ensuring that audits are aligned with organizational goals. The Plan Building Block facilitates the detailed planning of audit activities, allowing for efficient resource allocation and timeline management.
Moreover, the Conduct Building Block streamlines the audit process, ensuring that it is carried out efficiently and in accordance with established standards. The Control Project Management Building Block further augments this by offering tools for managing and monitoring audit-related controls. This integration of planning and execution features ensures that external audits are conducted effectively, providing valuable insights into organizational processes and compliance.
Implementing the ‘External Audit Management’ module offers several benefits. Firstly, it enhances the accuracy and reliability of external audits. The module’s Master Data Management Building Block ensures that all audit-related data is accurate and easily accessible, leading to more informed auditing processes. Secondly, the module improves compliance with external regulations and standards. The Regulatory/Compliance Assurance and External Audit Sub Module, in particular, helps organizations ensure that their operations and practices are in line with regulatory requirements.
Furthermore, the module aids in risk management by identifying potential areas of risk through the Risk Detection Building Block. This proactive approach to risk identification and mitigation is crucial in maintaining organizational integrity and reputation.
The target users of the ‘External Audit Management’ module are primarily external auditors, compliance officers, and risk managers. These professionals benefit from the module’s comprehensive features that facilitate the management and execution of external audits. Additionally, senior executives and board members who oversee organizational compliance and governance also find this module valuable.
By providing tools for efficient audit management, data handling, and compliance assurance, the module ensures that these professionals can effectively fulfill their roles, contributing to the overall integrity and success of their organizations. The module’s ability to handle various aspects of external auditing makes it an essential tool for organizations aiming to maintain high standards of compliance and transparency.
Key Features (Aspects)
Identify Building Block: This feature lays the foundation for the audit process, identifying and defining the scope and objectives of external audits.
Master Data Management Building Block: Centralizes all relevant audit data, ensuring consistency, accuracy, and ease of access, which is crucial for effective audit management.
Business Service Asset Catalogue Management Building Block: Manages an inventory of business assets, playing a key role in identifying critical areas and resources for audit purposes.
Plan Building Block: Facilitates the detailed planning of audit activities, allowing for strategic allocation of resources and effective timeline management.
Management Planning Building Block: Integrates audit planning within the broader context of organizational management, ensuring alignment with overall business strategies.
Conduct Building Block: Streamlines the execution phase of the audit, ensuring it is carried out efficiently and in compliance with established standards and practices.
Control Project Management Building Block: Provides tools for managing and monitoring audit-related controls and processes.
Protect Building Block: Ensures the security and confidentiality of audit processes and data.
Control Testing (VVMi) Building Block: Involves rigorous testing of controls to assess their effectiveness and compliance with audit requirements.
Evaluation and Scoring Monitoring (ESMi) Building Block: Offers continuous evaluation and scoring of the audit process, providing insights for improvement.
Detect Building Block: Identifies potential risks and issues during the audit process, enabling proactive management.
Test Finding and Risk Detection Building Block: Detects and documents findings from the audit, ensuring that potential risks are identified and addressed.
Test Finding Action Request Building Block: Manages actions required to resolve audit findings, ensuring effective and timely resolution.
Respond Building Block: Handles the response to audit outcomes, including the implementation of recommendations and improvements.
Request Fulfilment Building Block: Manages the fulfilment of requests related to the audit process, ensuring effective and efficient handling.
Request for Engagement Management Building Block: Manages interactions and engagements related to the external audit process.
Goldenhorn OneBasis Model Building Block: Provides a foundational model for the external audit process, aligning it with industry standards and best practices.
Goldenhorn OneBasis Engine Building Block: Powers the entire external audit management module, ensuring seamless integration and operation of all features.
The ‘External Audit Management’ module of the GOLDENHORN ONEGRC Software Suite is designed to facilitate comprehensive management of external audits across various organizational domains. This module is segmented into several sub-modules, each focusing on a distinct area of external auditing. These sub-modules encompass a wide range of audit-related activities, from business assurance to regulatory compliance and engagement or volunteer assurance. The integration of these sub-modules ensures that organizations can conduct thorough and effective external audits, addressing all necessary areas to maintain compliance and operational integrity.
Business Assurance and External Audit Sub Module: Concentrates on auditing the business operations and processes. This sub-module ensures that business activities are aligned with best practices and regulatory standards, providing assurance on the efficiency and effectiveness of business operations.
Regulatory/Compliance Assurance and External Audit Sub Module: Focuses on ensuring compliance with relevant laws, regulations, and industry standards. This sub-module plays a crucial role in identifying areas where the organization needs to improve to meet regulatory requirements, thereby mitigating the risks of non-compliance.
Engagement/Volunteer Assurance and External Audit Sub Module: Deals with the assessment and evaluation of stakeholder engagement and volunteer programs. This sub-module is vital for organizations that rely on stakeholder engagement and volunteers, ensuring these activities are carried out effectively and in line with organizational goals.
In summary, the ‘External Audit Management’ module in the GOLDENHORN ONEGRC Software Suite offers a robust and well-rounded approach to managing external audits. Each sub-module is intricately designed to address specific aspects of the audit process, ensuring a comprehensive audit that covers all critical areas of an organization’s operations. By utilizing these sub-modules, organizations can ensure their external audits are thorough, compliant with regulatory standards, and effective in providing valuable insights for continuous improvement. This module is an essential tool for organizations aiming to maintain high standards of accountability, transparency, and compliance in their external audit activities.