Internal Audit Software

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 Advisory, we trained and certified to implement LASER Audit Reporting Software and other LASER suite of products in Nigeria.

Internal Audit Software

It has been 6 months of demanding work for most Auditors and Accountants. Most Companies in Nigeria are 31 December financial year-end. Some companies are 31 December due to:

For those that are mandated to have their financial year-end as 31 December, it is understandable but why do you choose 31 December when it is not mandatory for your company.

With 31 December being year-end for most companies in Nigeria, auditors and accountants work very hard to meet up with the reporting deadline. What you experience, is that Clients with fat cheques get the attention of the Auditors, and most time, they meet the reporting deadline earlier compare with smaller companies.

It is also a common occurrence to experience regulatory filing difficulties on the last day of filing of 30 June for 31 December year-end client. The heavy internet traffic on the Tax Authority website crashes the website on such date and usually difficult to file returns.

Instead of selecting 31 December as your financial year-end, you can also align your year-end with your business cycle. A school can choose 30 September year-end as it aligns with the Student Academic calendar.

Our suggestion is always if you are not mandated to be a 31 December year-end client, please choose another month for your financial year-end. You will receive better service and attention from your auditors and tax authority because work pressure will be less. March, June, or September is a good alternative financial year-end to choose.

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