Audit Resource Allocation
LogicManager's risk-based audit management software helps prioritize business goals, operational objectives, and key processes to add efficiency to audit planning and execution.
This application can be achieved through:
Why a Risk-Based Approach to Audit Resource Allocation is important:
LogicManager’s Audit Resource Allocation Solution
Here’s what you’ll be able to achieve with LogicManager’s comprehensive Audit Resource Allocation solution package:
- LogicManager allows you to send automated tasks to decision makers in the resource allocation process, eliminating the back and forth of email chains. Automated workflows also ensure that every planned audit follows the same procedure and logic.
- Customize your homescreen to appeal to the right user. Set up unique profiles that correspond to LogicManager roles, like providing quick access to everyday users’ most important action items or your executives’ favorite reports.
- Use our robust reporting engine to easily build custom, comprehensive reports in an easy-to-use, drag-and-drop interface. If you’re not sure where to start, our reporting catalog offers dozens of reports out of the box:
- Calendar reports that allow you to look at a calendar and see when audits are starting
- Gantt charts, which provide an overall visualization of your resources
- “Stoplight” reporting that shows whether you’re on or off schedule at any given time
- Calendar reports that allow you to look at a calendar and see when audits are starting
- While LogicManager offers a public API that allows customers to build and manage their own integrations, the Integration Hub is a library of popular, no-code integrations that fit seamlessly within existing LogicManager workflows. Popular integrations for audit resource allocation include:
- WorkDay, to keep information about your available auditors up to date and readily available
- ERP systems like NetSuite for auditing third-party applications or vendors
- WorkDay, to keep information about your available auditors up to date and readily available
What is Audit Resource Allocation?
Proactively allocating resources for upcoming audits helps you ensure that you’re not being wasteful. It also helps you rest assured that you’ll have the right resources allocated at the right times for your audits throughout the year. This ultimately helps you stay on track of your audits, which reduces the chance that you’ll be ill-prepared and perform poorly on an audit. Audit resource allocation also helps you keep track of your audit team’s responsibilities, and provides structure around the day-to-day activities and long-term planning goals of everyone involved in an audit.
Risks
Performing poorly on an audit – or worse, failing an audit – reflects negatively on your organization. Without allocating the appropriate amount of resources for an audit, your chances of doing well are significantly lowered. This can result in internal disappointment and external backlash.
Additionally, if your failure to stay organized creates duplicative work for those conducting or preparing for the audit, you’re holding your organization back. What if you dedicate time and resources towards improving an area of the organization that doesn’t need help? You’ve not only wasted those time and resources, but you’ve taken away time and resources that could have been used on an area that does need improvement. Over time, this can significantly hinder the success of your business.
Request a DemoLearn How LogicManager’s Audit Resource Allocation Software Can Transform Your Audit Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
