AuditBoard Launches Out-of-the-Box Self-Assessment Tools for IIA Global Internal Audit Standards Compliance

AuditBoard, a leading provider of audit management solutions, has recently launched new out-of-the-box self-assessment tools to help internal auditors streamline conformance with the new Institute of Internal Auditors (IIA) Global Internal Audit Standards. These tools are designed to make it easier for internal audit teams to assess their current practices against the new Standards and quickly address any conformance gaps.

The new capabilities, available within AuditBoard’s Audit Management Solution, leverage the power of AI to simplify the gap assessment process. The IIA Standards Gap Assessment tool distills the Standards into a user-friendly checklist format and provides a summary report of findings, allowing internal audit leaders to easily track and manage conformance efforts. This tool also enables teams to flag issues and gaps, collaborate on resolution, and eliminate the need for manual tracking in spreadsheets or third-party tools.

In addition to the IIA Standards Gap Assessment tool, AuditBoard’s connected risk platform offers features to help internal auditors meet documentation requirements and focus on key areas outlined in the Standards, such as stakeholder management, resource planning, performance measurement, and strategic risk alignment.

Sarika Khanna, CPO at AuditBoard, emphasized the importance of maintaining alignment with the updated Global Internal Audit Standards. She stated, “The new self-assessment tools allow audit teams to maintain focus on their critical work while ensuring their audit processes are aligned with these new guidelines, all without sacrificing efficiency.”

Customer feedback on AuditBoard’s new capabilities has been positive, with one manufacturing company noting the system’s ease of use and ability to enforce workflow requirements. Another customer, Fred Friedel, Sr. Director of Internal Audit at InComm Payments, highlighted the benefits of the risk assessment feature for aligning audit projects with current organizational risks.

Overall, AuditBoard’s new out-of-the-box self-assessment tools offer internal audit teams a streamlined and efficient way to assess and address conformance with the latest IIA Global Internal Audit Standards, ultimately enhancing the effectiveness of their audit processes.