Internal Audit Software

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Internal Audit Software – LASER Audit Reporting Software

Internal audit software is a key requirement for 21st Century auditors. Get real-time completion status of ongoing Audits at all locations. Centrally manage audit planning, audit programs, workpapers and fieldwork and coordinate information among Auditors, Auditees and Management at all levels of organization.

Laser Audit Reporting System puts you in control of the complete audit lifecycle by establishing a systematic, disciplined and a uniform process for internal audit management. Aligned with the Institute of Internal Auditors (IIA) standards, this web-based solution enables you to plan your annual audits, schedule it, view audit programs, create work papers and findings and track ongoing observations. Through LARS® you can keep all your audit files in one place and easily share them with Auditors, Auditee and Management Team. Read more.

How LARS® can help?

  • Brings Auditors, Auditees and Management together.
  • Establishes a transparent and uniform process for internal audit management at all levels of an organization.
  • Get real-time completion status of ongoing Audits at all locations.
  • Get ageing analysis of all open observations by importance of observation, department and by SBU.
  • Get reports showing breach of committed dates for observations by department.
  • Effectively plan Annual Audits by selecting audit areas based on control effectiveness measure history of audit areas.
  • Auditors get a central workspace to manage all audit areas assigned to them. Instead of scattering documents all over the place, LARS® keeps all information of an audit area centralized at one place.
  • Create Audit Program from scratch or use one already saved in your “Audit Program” repository. Simply select the audit program from repository that closely fit your audit, edit the plan as required and you are done with audit program, saving your hours of data entry time.
  • Create work paper and findings for an audit program. Update field work and findings for each control, policy or procedure that is evaluated.
  • Create observations related to a control, policy or procedure. Capture complete observation details such as observation title, observation details, type, category, escalators, impact, short observation, recommendations etc.
  • Quickly fetch the list of open observations by audit area, auditee, department or SBU.
  • Create corrective and preventive recommendations for improvements for identified observations. Auditees create action plan, assign responsibility and sets deadline in response to the suggested recommendations.
  • Keep all your audit files in one place. Easily share files, documents, images with Auditors, Auditees and Management. LARS® supports all popular file formats including Microsoft Word, Excel, Power Point, Outlook Message, PDF, JPG, Gif, PNG etc.
  • Automatically reminds auditees to update status on pending action plan activities.
  • Automatically escalates activities that remain incomplete after “X” no. of days from due date of the activity.

At PML Professional Services, we trained and certified to implement LASER Audit Reporting Software and other LASER suite of products in Nigeria.

Internal Audit Software

"Not every customer who owes you today will pay you tomorrow."

This simple reality is the foundation of Expected Credit Loss (ECL) under IFRS 9 – Financial Instruments.

Unlike the old IAS 39 model, which recognised losses only after a default occurred, IFRS 9 introduced a forward-looking approach. Rather than waiting for customers to default, entities are required to estimate potential credit losses using historical data, current conditions, and reasonable forecasts of future economic events.

The Three-Stage ECL Model

IFRS 9 classifies financial assets into three stages based on changes in credit risk:

This ensures that impairment provisions reflect changes in credit quality throughout the life of a financial asset.

Why Economic Conditions Matter

Expected Credit Losses are influenced by more than historical payment patterns. IFRS 9 requires entities to consider forward-looking information, including inflation, interest rates, exchange rate movements, unemployment, and overall economic conditions.

As these factors worsen, the likelihood of customer default increases, often resulting in higher impairment provisions—even before any actual default occurs.

Illustrative Example

ABC Limited has trade receivables of ₦100 million and initially estimates an Expected Credit Loss of 2%, resulting in an impairment allowance of ₦2 million.

As inflation rises and customers experience cash flow challenges, management revises its expected loss rate to 6%. Consequently, the impairment allowance increases to ₦6 million, despite no customer having defaulted.

This demonstrates the essence of IFRS 9: recognising expected losses rather than waiting for actual losses to occur.

Why It Matters

Expected Credit Loss is more than an accounting requirement—it is a proactive risk management tool. By recognising potential losses early, organisations improve the reliability of their financial statements, strengthen credit risk management, and provide investors with a more realistic view of financial performance.

Final Thought

Economic uncertainty is inevitable, but delayed recognition of credit risk should not be.

The Expected Credit Loss model under IFRS 9 encourages entities to move from a reactive to a forward-looking approach, ensuring that financial statements reflect both today's realities and tomorrow's risks.

In an uncertain economy, the strongest financial statements are those that anticipate risk—not merely report it.

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