2018-05-16 10:33:55TechnologyEnglishEncourage your client to improve its operational efficiency and minimize its overall risk profile by using internal audit applications....https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/05/manager-uses-internal-audit-apps-to-increase-efficiency.jpghttps://quickbooks.intuit.com/ca/resources/pro-accountant-tech/internal-audit-apps-efficiency/Increase Management Efficiency With Internal Audit Apps

Increase Management Efficiency With Internal Audit Apps

2 min read

It’s easy for your clients to want to sit back and be told how to improve their businesses. And these suggestions usually come from an outside consultant or external auditor. But if your clients want to make their business succeed by taking things into their own hands, there’s a few applications they can use to perform internal audit tasks. This streamlines their process, increases their company’s efficiency, and reduces their company’s overall risk.

MetricStream

MetricStream has a group of governance, risk management, and compliance (GRC) apps. Its Enterprise Risk Management software allows your client to understand company-wide risks and gather real-time insights. The Compliance Management software is a single place your client can find all of its compliance requirements. Another application, IT Risk Management, helps your client manage the risks of setting up new technology or rolling out new software. If your client wants to internally audit risk and compliance, there’s a number of software options through MetricStream. Although these tools won’t necessarily help your client make more money, they’ll help it do internal audits to prepare for disaster in advance.

Resolver

Recognized by Deloitte as one of Canada’s fastest-growing companies in 2016, Resolver has a number of options for your clients. Its offerings are all related to risk and incident management software. The suite includes risk assessment, general compliance, SOX compliance, business continuity, disaster recovery, and brand protection. Resolver’s applications, such as its Enterprise Risk Management tool, typically automate follow-up messaging and allow for group feedback. These sorts of tools are more suited for your clients looking to improve efficiency by staying away from big mistakes.

TeamMates

TeamMates by Wolters Kluwer might be more in line with what your client is looking for if it’s imagining a traditional financial statement audit. TeamMates’ software solutions for audit documentation include imaging software, enhanced ways to communicate across teams, and cross-referencing through hyperlinks or bookmarks across documents. It also offers ways to track project labour spending, timesheet population, and expense reimbursement. The internal audit tools through TeamMates are more related to backing up your client’s information and supporting its numbers for when an external auditor comes in.

Enablon

If your clients really care about making a positive impact on the world, Enablon might be the tool for them. It makes sure companies are socially responsible by checking environmental compliance, minimizing environmental risks, and promoting sustainable practices. Enablon has environment, health, and safety (EHS) platforms; GRC software; and product stewardship products. It also has specific applications such as tools for air quality management, greenhouse gas management, regulatory compliance management, and more. These tools likely only come into play if your client needs to meet certain environmental measures for grants or regulatory reasons. Still, it’s great to know your client can manage theses processes before having to apply for certifications.

Your client doesn’t have to internally audit its own company. But knowing what risks are ahead or being prepared for the future are ways your client can keep itself in check. These internal audit measures performed by applications like the ones listed above help your client operate more efficiently.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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