Key Functionality: Electronic Working Papers

MKinsight has a very comprehensive electronic working papers capability (see image 1) which includes the ability to:

  • Create Audit / Work Program Templates (see image 2) – these are automatically synchronised to relevant Users and can include any number of embedded documents – for example if the Template includes a test for sampling purposes and you have an Excel spreadsheet that is really useful for recording the results of those samples you can embed it directly in the Template itself – it can then be launched, changed and saved and those changes are then saved for the audit you are working on but the Template remains unchanged
  • Record work done / findings / issues / recommendations throughout
  • All free text fields include “Word” functionality such as Bold, Italic, Alignment etc plus full spell check facilities in any language
  • Attach and embed any electronic evidence to support the work you have done
  • Full tickmark functionality within the working papers and also any Word or Excel documents
  • Full hyperlinking between the Auditors notes, attached supporting evidence, reviewer notes etc - this inlcudes hyperlinking to attached supporting evidence and to any specific locations in attached Word documents, Excel spreadsheets etc 
  • Ability to allocate individual tests to individual Auditors
  • Full review and approval processes with several optional methodologies available including an unlimited number of levels of review at all levels of the working papers
  • Full offline working with the ability to Check-in work over the internet at any stage
  • Full consolidation and conflict resolution to cope with Auditors who have completed the same Audit / Work Program offline and then checked it in
  • The ability to roll-forward Audit / Work Programs from one Audit to another

MKinsight has been built to provide a range of working methodologies.  For example audits may begin with a simple blank Work Program.  Alternatively, the Auditor may wish to use templated Audit / Work Programs. You can then decide whether or not those templates can be added to and, or edited during the course of fieldwork.  MKinsight is not a methodology in its own right, it is a system designed to provide a series of tools and options to enable teams to work in their preferred way.

Scoring Technology

One of MKinsight’s unique features is its scoring technology.  Developed over several years this functionality runs alongside the normal process of documentation in Audit / Work Programs. Whilst auditors can, as would be expected in the normal course of day to day work, document their tests, test results, work done, conclusions, recommendations etc. they also create a quantitative result for each test in the form of a percentage. Consequently, each test, when performed by the Auditor, has the ability to score 0% or 100% or anything in between.

There are several alternative scoring technologies available within MKinsight however the main drive for this capability is to allow the Audit Team to identify emerging trends and ultimately to see, graphically, whether or not the control environment is strengthening or weakening over time.