It is an integrated enterprise-wide system which supports all key functions of a company. Linking front and back office system designed via used of single integrated data based and usual best industry practices.
Provide real time reporting and enabling management to spend more time analyzing data. Provide information for planning, control, performance, measurement and continuous improvements. Provide relevant information to help managers to make better decisions.
Some of the factors that justify an integrated system are listed below.
- A large organization where interdepartmental communication is a problem.
- The need to monitor processes and transaction.
- Try to implement all at once.
- Justification of integration and automation.
- Consider “BIG” picture.
- Determine key problem that must be solved.
- Highlight areas that will be impacted in company.
Advantages of Automation and Integration
- Improved reliability and accuracy of the information.
- Time Saving and Efficiency.
- Improved work flow.
- Develop paper less environment.
- Simplification of recording.
- Increased moral of staff.
- Reduce manpower role as well as cost.
- Reduce staff turnover.
- Reduce operating cost of various department.
For instance an integrated automated system should report following crucial information related to Quality Metrics
- Number of Order completed in % term.
- Number of Returns in % term.
- Number of Defects in % term.
- Number of Rework in % term.
- Number of Complaints in % term.
- Number of On-Time Delivery in % term.
- Number of On-Time Product in % term.
- Our concern is to see single data is being used to record, summarized and report transaction from back to front.
- All business processes are automated and integrated in the same fashion.
- An interaction with the end user to identify their issues/concerns not previously addressed by the software consultant and report all these gaps for resolution.
- Identify any gaps / weaknesses and missing information for further development of a system.
- Ensured automated processes are fully functional and reporting to management is made entirely through system.
- Identify areas where business process was not automated provided there is a crucial need of automation.
Companies that can quantify the risks they face and their likely impact on performance will ultimately make better business decisions.
Flexibility is the key to company survival, and need to achieve a balance of governance, risk- management, regulatory compliance, and performance.
Successful internal audit requirements
- Internal audit reporting to Chief Executive Officer/Executive Director.
- Active audit committee representing top management.
- Competent and experienced internal audit team.
- Awareness of internal audit function among the people of the company.
- Senior management involvement and guidance.
- Prompt action on audit queries.
- Expected co-operation from the end user.
- Approved annual audit plan covering potential business risk.
Issues that you may be facing
- Management concern over the risk exposure for key process or controls.
- Management intend setting up a new internal audit function.
- Poorly valued or no in-house internal audit function.
- Little or no senior internal audit experience.
Broad Audit Objective
To identify and report:
- Fraud, misconduct and procedural and system lacks.
- Policy, regulatory compliance and gaps.
- Internal control gaps and deficiencies monitored for exploitation.
- ERP system or business process limitations and deficiencies addressed.
Our Internal Audit Approach
- Review of the effectiveness of existing internal audit function.
- Identify Gaps and weakness in existing system and procedures.
- Develop internal audit charter.
- Develop internal annual audit plan covering potential business cycle.
- Effective audit coordination and planning.
- Staff training and guidelines.
- We have an industry knowledge, experience, best practices and risk management services to deliver smart internal audit services to any company.
- We can provide internal audit co-sourcing services through continuous monitoring of organizational systems, processes, transactions and controls.
- It is a risk-based approach that focuses on clients' objectives and impediments to achieving those objectives.
- Our team can help a company to build an internal audit department and make appropriate appointments in internal audit.
- We can develop audit procedures and guidelines covering potential business risk area and compliances.