Objectives
Objectives (or “processes” or “significant processes” or “control objectives” depending on the type of audit) are the main areas which the audit is broken up for organization. Each objective can be assigned to a specific audit team member in order to organize responsibilities in the audit clearly. The number of objectives in each audit will vary between one and many based on the audit type and complexity of the engagement.
Objective Features
Overview
The overview tab shows the objective details and the status of all key audit procedures within the the objective at a glance.
Control-Based Audits: Narratives, RCMs, Walkthroughs, Test Plans, Testing Rounds
Control based audit types (see Projects tour for details on control-based audits vs. workplan-based audits) include the following audit procedures: Narratives, Risk Control Matrix, Walkthroughs, Test Plans, and Testing Rounds. The general workflow is preparing narratives on the process/objective, identify risks within the process/objective and controls that mitigate those risks to prepare a risk control matrix, then perform of walkthrough to verify control design and testing to verify the operational effectiveness of controls. Status of each these procedures is tracked automatically and the results and documentation can be entered/attached to each of these key areas.
Workplan-based Audits: Audit Plans and Audit Results
Workplan based audit types basically consist of identifying risks to be addressed, identifying audit procedures to test the mitigation of those risks, and actually conducting those procedures and documenting the results. Again, the status of each these steps is tracked automatically and the results and documentation can be entered/attached to each of these key areas.
Attachments
Documents, spreadsheets, and any other types of files you want to retain in your workpapers for the project are uploaded into the system very simply like attachments to emails, except attached to a specific audit procedure. Attached documents can be downloaded, deleted, updated, etc. at any time and the number of attached documents allowed is unlimited in all paid accounts.
Request List Items
Request list items can be added with each objective to create a request list specific to the procedures in that objective. All of these items will also be included in the overall project request list making the request list feature incredibly powerful and flexible.
Workpapers
The Workpapers tab within each objective gives you quick access to all of the documents automatically prepared by the system as well as all of the documents attached to different procedures throughout the objective in single place where you can find and download any document very quickly.