Audit management is responsible for ensuring that board-approved audit directives are implemented. Audit management helps simplify and well-organise the work flow and collaboration process of compiling audits. Most audit teams heavily rely on email and shared drive for sharing information between each other. Typically task such as submitting client request, sender reminder and following up on findings are all done from using broad tools. Investing in the right software could help save time, reduce errors and save on resources.
Audit management oversees the internal and external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel. The staff should have the necessary skills and expertise to identify inherent risks of the business and assess the overall effectiveness of controls in place relating to the company’s internal controls.