Why Audit Management?
As your business grows increasingly complex, a fresh perspective becomes invaluable. Audit functions offer this critical viewpoint, often catching what the business might overlook.
Enhance Control over Audit lifecycle
Establish a single system for all your audit management needs, making it easier to manage the audit lifecycle.
Improve collaboration across functions
Leverage industry-proven best practices that enable your audit team to collaborate and share data with colleagues across business, risk and compliance functions.
Manage the business proactively
Gain visibility through aggregated data and analytics into key risks and under-performing controls with access to information, resources and results from risk and compliance teams.
The Archer Audit Managment Advantage
Use a Risk Based Audit Approach
Archer Audit Management provides a risk-based approach to audit management and consolidates your entire audit process within one system. When your audit teams focus on the most critical areas of the business, you can transform how they collaborate with your operations for the most impactful risk-scoped audits. See how Archer can help transform your internal audit management program.
Real-world use cases
Control the Complete Audit Lifecycle
Issues management
Archer Issues Management lays the foundation for your integrated risk management program to manage issues generated by audit, risk, compliance and other teams.
Audit engagements and workpapers
Archer Audit Engagements & Workpapers transform the efficiency of your internal audit function, complete better-scoped audits more quickly, and decrease external audit fees
Audit planning and quality
Archer Audit Planning & Quality enables you to risk assess your audit entities, make audit plans for engagements, and puts you in control of the entire audit planning lifecycle.
FAQs
What are the components of a control risk audit?
A control risk audit is an evaluation process that assesses the effectiveness of an organization's internal controls in managing risks. The components of a control risk audit include risk identification, control evaluation, testing of control effectiveness, assessment of control gaps, and recommendations for improvement to mitigate risks and ensure compliance.
What are the four types of risks considered in an audit?
The four types of risk considered in an audit are inherent risk, control risk, detection risk, and audit risk.
What is the difference between risk and control in audit?
In an audit, risk highlights potential problems and refers to the possibility of inaccuracies or errors in financial statements or internal controls. Controls are procedures designed to mitigate these risks and include the policies, procedures, and actions put in place to prevent, detect, or correct any issues.
How to reduce control risk in auditing?
To reduce control risk in auditing, ensure internal controls are structured correctly and implemented effectively. Regularly test controls to identify any issues or weaknesses, and address issues quickly. Consistently monitor controls to maintain their effectiveness and prevent errors.
What is an example of an audit risk?
An audit risk is a risk that an auditor may issue an incorrect opinion on financial statements by failing to detect errors or overlook deficiencies in internal controls.
what is a risk management audit?
A risk management audit is an assessment of an organization's risk management processes to evaluate their effectiveness in identifying, assessing, and mitigating risks across compliance, operations, and strategy.
how do you mitigate risk in an audit?
To mitigate risk in an audit, auditors start by assessing key risk areas and testing internal controls to ensure they’re effective. They then conduct detailed procedures to gather the necessary evidence and monitor risks throughout the audit. Regular communication with management helps address any issues and ensure the reporting is accurate, reducing the chances of audit failure.