INTERNAL AUDIT MANAGEMENT SYSTEM – IAMSSOLUTION TO AUTOMATE INTERNAL AUDIT DOCUMENTATION WITH EFFICIENT MONITORING AND EFFECTIVE REPORTING

PRESENTATION OVERVIEW

• Objective of having an automated documentation management solution• Key functionalities of IAMS• Data management and correlation• Documentation management and usage life• Delegation of authorities and team management

• Technical features of IAMS• Zero cost of licensing – forever!• Network based multi-user environment• Secured backend and frontend• One click backup

THE BIG WHY!OBJECTIVE OF HAVING AN AUTOMATED DOCUMENTATION MANAGEMENT SOLUTION

BEFORE OBJECTIVE, LET’S SEE A COMPARISON

MANUAL• Data scattered across different

documents with no or very limited opportunities to correlate.• Hundreds of man hour consumed in

filing, record keeping, data mining and gathering information for analysis.• Record keeping based on personal

preference.

AUTOMATED• Entire data in single place with multiple

correlation options which could be programmed for repeated use, enhancing the efficiency and effectiveness ten folds.• No concept of filing since all records are

automatically arranged. • Standardized and systematic record

keeping approach.

DATA IS POWER

EFFICIENT MANAGEMENT & EFFECTIVE UTILIZATION OF DATA IS POWER

OBJECTIVEOF HAVING AN AUTOMATED DOCUMENTATION MANAGEMENT SOLUTION

NOW ANOTHER WHY!

In a business setup, every activity is inter-related.Risk materialized in one activity will have a rippling affect on

entire business.

WHY FOCUS ON AUDIT DATA?Internal Audit function collects enormous amount of data from all the functions of an organization BUT usual risk analysis is limited to activity objective, scope and encompass only one function.

Now consider the possibilities of improvement ifrisks identified through out the company

are correlated to get a bird eye view for enterprise risk assessment.

IAMSIS THE EFFICIENT AND MOST COST EFFECTIVE SOLUTION TO HELP AUDITORS

CORRELATE INFORMATION FROM DIFFERENT FUNCTIONS OF BUSINESS AND ASSESS RISK MITIGATION OPPORTUNITIES

ACROSS THE BOARD

KEY FUNCTIONALITIES OF IAMS

DATA MANAGEMENT AND CORRELATION

• Internal Audit data is directly inputted in IAMS and automatically arranged, ensuring consistency & completeness in record keeping.• Inter-department referencing facility available to correlate audit

observation of one department with related functions.• Referenced audit observations in past engagements available to

auditor on single click to ensure risk identified in one department is checked across all related departments.

DOCUMENTATION MANAGEMENT• Documentation related to Internal Audit completely available within

IAMS:• Audit Intimation Letter• Audit Checklist• Auditee Synopsis• Audit Report

• Additionally, automated follow-up reminders available for timely and effective closure of audit observations.• 3 dimensional attachment facility available:• Auditee level (policies, procedures, master data etc.)• Audit Report level (data related to current engagement provided by auditee)• Audit observation level (appendix/ annexures specifically related to particular

observation)

USAGE LIFE• IAMS can store up to 2,100 billion letters for audit report and

checklist!• On an average, Audit Department generate 15 reports of

5,000 letters each reaching total consumption of 75,000 letters each month.• IAMS usage life can reach up to 28 million months or 2.3

million years which can be confidently referred as unlimited usage life.• Attachments facility available does not have any restriction in

IAMS. It may be a 10 KB bitmap image or a 4 GB video file. Maximum storage allowance depends on space available in server hard drive.

DELEGATION OF AUTHORITIES• Default authorities delegated through user type setting.• Automated control ensuring only task related write access is

available to assigned audit team – until work completion.• Administrative authorization facility to further limit user’s write

access, ensuring documentation security.• Automated, step locking functionality to avoid prior stage data

manipulation with in current activity. (For e.g. once audit report is issued to auditee, both audit report and audit checklist write-access will be revoked from auditor.)

TEAM MANAGEMENT• IAMS dashboard:• Complete and compact view of Internal Audit Activity’s progress.• View audit activity auditee wise, categorized as planned, currently in-

progress, under-discussion with auditee, closed or on hold audit reports.• Drill down facility up till single observation in an audit report.

• Automated work flow after single point audit task assignment, providing Audit Management more time to focus on planning and control rather then involved in document control assurance.• Complete edit rights control with administrator, to ensure only

authorized amendments are incorporated in audit documents.

TECHNICAL FEATURES OF IAMS

ZERO LICENSING COST – FOREVER!

• No initial licensing fee for database or front end.• No user based licensing fee.• No recurring license fee.

MULTI USER AND NETWORK BASED

• Allow up to 99 users to simultaneously access IAMS.• Network based access to ensure data is updated on real time

basis.• Setup can be done on already established local area network

without any added investment.

SECURED FRONT AND BACK END• Frontend:• Password protected access ensuring only authorized users could log in.• No installation required except Microsoft distributed, Access 2016 runtime

freeware.• Customization and enhancement readily distributable through email without

any data loss.• All bypass techniques disabled to deter unauthorized access to backend.

• Backend:• Password protected database.• Compatibility available with MS-Sharepoint and possibility of upsizing to SQL

if cloud based computing desired.• No coding incorporated or attachment loaded in backend minimizing data

base corruption chances to nil.

ONE CLICK BACKUP

Backup methodology available to ensure corruption free backup:• Forced exit option available to administrator to ensure

database is not having any write operation in progress.• Automated notification for users when backup is in progress.• Single click backup after customizing the source and target of

backup.

END NOTEIn today’s dynamic business environment, achieving success highly depends upon on-time availability of up to date and useful information. Internal Auditors have a bird’s eye view over the entire business due to their functional responsibilities and authorities.

With IAMS, improvement in Internal Audit Function’s efficiency and effectiveness

will translate towards overall business success through

timely identification and mitigation of undesired business risks.

ABOUT THE DEVELOPERMr. Sohaib Ahmed Siddiqui is multi-skilled professional having diverse industry experience concentrated around Internal Audit and Corporate Development.Driven by the passion to utilize IT tools and techniques in optimizing business management and decision making process, he has been developing MS-Access based database solutions since 2013.Qualifications:

Certified Internal Auditor (CIA) – USCertified Financial Services Auditor (CFSA) – USB.Sc. (Hons) in Applied Accounting – UKAdvanced Diploma in Accounting and Business – UKCertified Accounting Technician – UK

Experience:

SENDAN International Company Limited – Saudi ArabiaGeneral Construction and MaintenanceEFU General Insurance Company – PakistanGeneral InsuranceSiddiqsons Limited – PakistanVertically Integrated Textile ManufacturingInbox Business Technologies – PakistanInformation Technology ServicesRSM International – PakistanChartered Accountancy Practice

Contact: sohaib.siddiqui@oxfordbrookes.net