Unstructured business process automation provider ActionBase has come out a new software module called Audit.Tracker that manages, monitors and tracks internal audit processes for audit committees, auditors and compliance officers.
The company produces software plug-ins for Microsoft Outlook and Word that trigger action lists and provides visibility of so-called tacit interactions and unstructured business processes.
The new Audit.Tracker module begins tracking from the initial planning steps to the audit reviews and subsequently ensures all findings and recommendations are fully implemented in a timely manner, the company said.
“Audits can be really document heavy and email intensive processes, which the system makes much more manageable and easy to follow,” Jacob Ukelson, CTO of ActionBase explained. “Audit.Tracker sits on top of the ActionBase platform. Documents, actions or workflows that are needed for audit can be marked and flagged in the system.” All the necessary audit processes are then triggered and the workflow developed, monitored and tracked out of the ActionBase system.
The vendor said there is a need for software support for audit because, as compliance and audit regulations get tighter, corporations are expected to manage all existing organisational processes to avoid the high costs of fines associated with the lack of ability to effectively track their audit process.
The new software provides a line of sight on all audit workflows, helping to reduce the number of processes that are overlooked and providing the visibility needed for compliance, it claimed.
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Using Audit.Tracker audit costs could be cut by up to 30% due to improved audit process efficiency and easier information gathering, ActionBase has suggested.
The new module comes with templates and hundreds of recommendations for each template which can be configured to suit particular audits, Ukelson told us. “The templates are specific to audit processes, not to the type of audit so the software is suited to a wide range of purposes.”
Users can publish audit reviews, define findings and recommendations within a Word or Excel document, track and collaborate on processes using Outlook. The system also provides analysis features and provides users with real-time visibility on the progress of each and every audit issue.
Audit.Tracker becomes available in August Ukelson confirmed, and users will be charged extra on top of a base ActionBase licence. Fees for the new module have yet to be published.
