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Internal audit process
This process starts with risk assessment which helps an auditor to effectively allocate resources to areas that need more attention. A review of an organization’s IT risks is of utmost importance since information is a great organizational asset. Organization information should be processed effectively to reduce risks and increase value to the to stakeholders.
In addition management of internal controls and use of enterprise risk management significantly improves productivity of employees and optimal resource use. Internal audit procedures are executed using either available Microsoft application software or audit dedicated software. For instance Teammate is among the pioneer audit software which have been in the market for a while now and is generally popular for its effective audit management. It has automated working papers where an auditor documents his audit evidence. It is flexible to attach audit evidence already recorded in MS- word, excel or scanned documents. Additionally it has risk management function where the evaluator can define audit entity's objectives, risks and recommendations. One can also be able to allocate weight to risks based on past experience or information gathered by entity's managers. There are however other audit software available for audit management.
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