What is meant by Audit management?

"Audit management" refers to the process of organizing, conducting, and tracking audits within a company or organization. Audits are systematic examinations or reviews of business processes, financial data, compliance policies, quality systems, or other aspects of a company to ensure compliance with standards, regulations, and best practices.

Typical functions of software in the "audit management" domain include:

Audit planning: The software allows users to plan audits, including setting objectives, scope, schedule, resources, and responsibilities for the audit.
Audit execution: The software supports the conduct of audits by providing checklists, questionnaires, assessment criteria, and other relevant documents, as well as facilitating communication and coordination between auditors and the auditees.
Document management: The software provides features for managing and organizing audit documents, including policies, procedures, reports, logs, and other audit-related materials.
Compliance management: The software assists in monitoring and ensuring compliance with compliance policies, regulations, and standards by providing automatic notifications, reminders, and monitoring functions to ensure that audits are conducted timely and compliance gaps are identified and addressed.
Risk assessment: The software supports the identification, assessment, and prioritization of risks related to business processes, financial data, or other audit-relevant areas and allows users to take appropriate measures to mitigate risks.
Reporting and analysis: The software generates detailed audit reports, analyses, and dashboards that provide insights into the results of audits, identify weaknesses, and provide recommendations for improvements or risk mitigation measures.
Action tracking: The software allows users to define, track, and monitor actions and corrective measures based on the results of audits to ensure that identified issues are addressed and improvements are implemented.

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