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Key Functionality: Audit Management

MKinsight™ is a powerful Audit Management Software System.

This is where the User can manage the ongoing activities of the Audit Team on a day-to-day, week-to-week, month-to-month basis. This is where Audits can be created either from the Plan, the Schedule or just as Unplanned Audits. Once the Audits are underway their progress can also be viewed and monitored within MKinsight with easy to use, powerful Performance Reports, Status and Search screens.
 

What is an Audit in MKInsight?

An Audit is an entity which can be planned, scheduled and managed throughout its life. Note: MKinsight date stamps all the main stages of an Audit’s life (to facilitate various aspects of performance reporting).

An Audit can have a range of data and information which is broken down into different sections:

Section 1 – Key Audit Information

The first section includes a range of useful information including the Audit Status, Audit Opinion, Background and Audit Scope information and any Final Reports. Also included are the details of the dates when the Audit has been through the different stages in its life.  In addition an unlimited number of free text fields can be added to record further information (see image 1). 

Section 2 – Attached Documents

Includes attached documentation (other that the working papers themselves – see Section 5).  You also have visibility of any documents stored in the relevant Permanent File (see image 2). When adding documents into MKinsight the User can make full use of drag and drop functionality which includes the ability to drag and drop any electronic file formats including emails direct from Microsoft Outlook. 

 

Section 3 – Key Dates / Milestones

Where you can create as many or as few Key Dates / Milestones as you want and you can call them whatever you want.  These include Planned and Actual Dates that are then available directly within Performance Reports (see image 3). Relationships can also be created between dates so, for example, the 'Planned' Draft Report Issue Date is often set by MKinsight Customers to be X days after the 'Actual' Fieldwork Completion Date.

Section 4 – Audit Team Details and Budgets

Where you can assign each member of the Audit Team to the Audit, including the Audit Manager, Lead Auditor and other Team members.  The Audit Team can be created directly and, or fed from the Schedule (see image 4).  Budgeted Time and Expenses to complete the Audit can be set for each member of the Audit Team.  When setting the Budget the User can also see how much Time was originally allocated in the Annual Plan.  Each member of the Audit Team can also be given a rate for the work they are about to perform so that the Audit can be costed if necessary.

Note: when an Auditor is assigned to the Audit they will assume the Role and Permissions they have already been given however MKinsight also includes the ability to upgrade or downgrade an individual Auditor's permissions on any individual Audit.   

Section 5 – Audit Programs

Where you can identify which Work / Audit Programs should be completed at the planning stage along with the ability to see their progress throughout the Audit.  Note: Work / Audit Programs in MKinsight are not just passive documents they are dynamic and can be scoped, analyzed and reported at all levels and at any stage (see image 5).

Note: when planning an Audit the team can select Audit Programs from a library of templates, previous Audits and, or, they can start with a blank Audit Program. 

Section 6 - Checklists

Checklists can be created for use on any Audits – these are often used to support the Job Administration activities and common Checklists include Audit Planning Checklists, Audit Completion Checklists, Quality Assurance Checklists etc.  Each item in the Checklists includes a status check box, a date completion, a notes field to record comments, the ability to attach any number of electronic documents to each Checklist item and a full Audit trail of contributors (see image 6).

Section 7 - Performance

This section details the Performance of the Audit Team by comparing Planned, Budgeted and Actual Time and Expenses in order to provide full real time variance analysis on all key metrics for the Audit.  Along with a detailed analysis of all Planned and Actual Key Dates / Milestones.  Free text fields are available for the Audit Manager to be able to record explanations for variances (see image 7) . 

Section 8 – Recommendations

In order to facilitate easy visibility and management of Recommendations / Actions that have come out of any Audit Work, this section details any Recommendations that have been created during this and plus any open / outstanding Recommendations / Actions from any previous Audits at the same entity (see image 8).

Stages

The entire Audit File can have a bespoke structure based on the specific Type of Audit being undertaken.

Auditor Permissions

Whilst MKinsight provides a full Role based Permission system which allows each customer to define their own Roles in MKinsight and the Permissions to associate with them, MKinsight also allows an Auditor's Permissions on an individual Audit to be upgraded or downgraded for the specific assignment. 

Control Self Assessment

Full CSA can be performed with Control Owners completing their assessments directly on-line.