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Key Functionality: Risk Based Annual Planning

In Annual Planning Users can develop any number of Annual Plans over any time horizon, be it 12 months, 3 years or just the next quarter. All Annual Plans created in MKinsight can then be used to generate Performance Reports which compare any chosen Audit Plan with what has actually happened during that period. 

Annual Planning begins with the creation of an Audit Universe which can have an unlimited number of levels and an unlimted number of Audit Entities which may be processes, special investigations etc.  Each level and entity in the Audit Universe can be fully Risk Assessed using a set of User defined, weighted, Criteria which can include, for example, any Risks from the Risk Register and Historic Audit Results.

Along with recording the Risk Assessments, other information such as Contact details and Permanent File information can also be stored – this can include any electronic documents. 

This process culminates in the determination of when the next Audit Date will be for all entities within the Audit Universe (note: the Last Audit Date is automatically tracked in MKinsight).

With the launch of Version 8.1 MKinsight introduced the most flexible methodologies available in any Audit Management System, enabling Audit Teams to conduct Risk Based Annual Planning using any Risk Assessment methodology they might prefer.

Another feature of Annual Planning in MKinsight is that multi-location Audits can be planned for in a very seamless way along with the ability to plan for different types of Audits for any part of the Audit Universe.

With the identification of the audits that need to be performed MKinsight then facilitates the identification of the Resources that the team has to do the work.  This includes the ability to record detailed information on each member of the Audit Team including how long they work during the week (e.g. are they full-time, part-time etc.), provisions for Non-Audit time such as travel, training, vacation etc. (this list of Non-Audit codes is fully configurable within MKinsight).  In addition MKinsight has an HR section that allows the User to store and record a range of information on each member of the team within an unlimited range of  fully configurable folders (for electronic documents such as resumes etc.), free text fields and drop down lists. The HR facility also allows the creation of an Electronic CV which is fully searchable when undertaken Scheduling.

Annual Planning also includes a Rapid plan section that allows quick and easy updating of all the key information required for the creation of an Annual Plan including additional provisions for things such as the completion of Prior Year Audits and Unplanned Audits.  To further assist the planning process MKinsight has a powerful Capacity Planning tool which is able to show the impact of any planning decisions on the capacity of the Audit Team over a rolling 12 month period. One or multiple Annual plans can be generated in MKinsight and then saved for the purpose of Performance Reporting.