Adapt to the needs of your business with Audit Management

Audit Management

Our approach to audit management continually evolves as the audit profession adapts to heightened business disruption. We aim to support and sharpen your audit team’s focus in challenging and opportunistic times.

Adapt to the needs of your business, and be seen as a trusted advisor

Thomson Reuters has served more than 20,000 audit professionals in the past 15 years, and we have developed a solution to help meet your business needs that draws upon this extensive audit technology experience.

Our Audit Management solution, available on the Connected Risk platform, enables your audit team to benefit in a number of ways:

• Annual risk assessments can be updated ad hoc to reflect the impact of business disruption;

• Audit plans can be adjusted in cycle to reflect any change in your risk assessments;

• Where applicable, the risk assessments can be informed by the broader risk business through use of the underlying Connected Risk platform.

Create agile audits in response to business requests

With Audit Management your teams can scope agile audits in response to business needs for expert independent reviews.

Your audit teams are able to:

• Review a new business acquisition or joint venture;

• Assess the impact of an emerging risk not yet captured in the corporate register;

• Evaluate the impact of market disruption on any part of the business that may be at risk.

This can be managed through robust version control captured with a full audit trail. All changes made throughout the audit lifecycle can be clearly evidenced to stakeholders and regulators.

Deliver flexible risk assessment capabilities

We recognize that no two audit functions do annual risk assessments the same way, and that the businesses you serve - to which the risk assessment is applied - are also unique. To help, we deliver a configurable approach to risk assessments by providing an out-of-the box offering where your organization can tailor the solution to your specific needs.

Your teams will benefit from having access to advanced data modeling, mapping and our workflow developer available on our Audit Management solution.  

Streamlined audit execution

With Audit Management your audit teams’ field work is more streamlined as electronic workpapers can be linked to multiple audit file elements, reducing the need for duplication. This capability allows for composite workpapers to be created, with test plans that can cover multiple controls as well as related risks and processes. You also receive the added flexibility to feed this through to your audit findings, which inherit the overarching audit file elements through the workpapers.

Your teams are also provided with checklists through which they can record test approaches and results, removing the need to create a duplicate or intermediary workpaper – ultimately allowing for more efficient, focused audit execution.

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