Audit Department Strategy for Responding to the Current Pandemic Crisis: Audit Technology Action Plan

Download our “Audit Department Strategy for Responding to the Current Pandemic Crisis: Audit Technology Action Plan” whitepaper below to learn how audit leaders can leverage technology to ensure the continuity of the organization’s operations and the safety of its employees, vendors, and customers during the Coronavirus (COVID-19).

As many leading and contemporary auditors are aware, business continuity issues will inevitably increase during the Coronavirus (COVID-19) situation, especially because the effects of this pandemic will impact the domestic and global economy for months to come.

With millions of workers in the United States and around the world staying at home to prevent the disease from spreading, organizations face the novel challenge of continuing business operations with entire workforces forced to go remote. Now, more than ever, organizations will need to rely on Internal Audit to provide assurance on the organization’s critical processes and departments responsible for managing and mitigating black swan events such as COVID-19.

Audit and risk management leaders will play a critical role in enabling executive leadership to respond to this crisis and keep their employees safe with minimal disruptions to business operations and shareholder value. A modern Audit Management Solution that allows audit departments and stakeholders to work and collaborate remotely will be the key to sustaining business operations during this time.

This whitepaper, “Audit Department Strategy for Responding to the Current Pandemic Crisis: Audit Technology Action Plan,” breaks down 10 ways audit departments can leverage Audit Management Technology to help businesses navigate the current pandemic crisis smoothly and restore operational efficiency during this period:

1. Enable the entire audit team to collaborate and work remotely.
2. Help control owners, process owners, management, and other key stakeholders complete their responsibilities while working remotely.
3. Perform readiness assessment on critical business processes.
4. Report on business continuity plan performance.
5. Perform control certifications to monitor process changes and potential control failures during the pandemic.
6. Quickly assess new and emerging risks.
7. Reallocate audit resources from routine, administrative audit and control tasks to mission critical business needs.
8. Develop a COVID-19 mitigation strategy and track it through resolution.
9. Provide assurance to the senior leadership team and Audit Committee with real-time visibility and reporting.
10. Provide insight to the completion of the audit plan and controls compliance.