Audit and Issue Implementation

abirakundu23
Giga Sage

2 hours ago

Hi All,
Can anyone help me for Audit Management business use cases ? How to identify trends, issues from the data and opportunities for improvement. for those ?

Please assist.

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Maham Tahir
Mega Guru

2 hours ago

Hi @abirakundu23, 

 

Read the below points:

 

1. Identifying Trends (Use Performance Analytics)

  • Control Failure Rates: Track pass/fail ratios over time to see if specific departments are deteriorating in compliance.

  • Audit Cycle Time: Measure the average days from Engagement Planning to Closure to identify process bottlenecks.

  • Risk Correlation: Overlay audit findings against your Risk Heatmap to see if high-risk areas are actually generating the most findings (if not, your risk scoring may be off).

2. Identifying Issues (The "Red Flags")

  • Repeat Findings: Report on issues that appear in consecutive audits for the same Entity. This indicates a systemic failure or "band-aid" fixes.

  • Remediation Overdue Aging: Track how long "Issues" sit in Work in Progress. High aging indicates a lack of business commitment to fixing problems.

  • Evidence Rejection Rate: specific metric to see how often auditors reject attached evidence. High rates indicate a training issue for the First Line of Defense.

3. Opportunities for Improvement (Optimization)

  • "Test Once, Satisfy Many": Analyze Control Objectives to find overlaps. Group them so one audit test satisfies multiple citations (SOX, ISO, NIST) simultaneously.

  • Indicator Automation: Identify manual control tests that have a 100% pass rate over the last year. Convert these into Automated Indicators to remove human effort.

  • Policy Gaps: Link Audit Findings back to specific Policies. If one Policy generates excessive findings, the policy itself may be too vague or unrealistic and needs rewriting.

Lemme know if you still have any confusion!

 

If you find my response helpful, mark it as helpful and accepted solution.

 

Regards, 

Maham Tahir.

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