Smart Audit - Audit software for Co-operative Banks
Smart Audit, computerizes Audit operations of the banks which includes their Concurrent audits, Surprise audits as well as internal audits.
Smart Audit software is multi-user & multi-location. The software can be used in all the branches and the audit data is updated on the central server, automatically. This gives the audit department a full view & control over all the audits that are going on at various branches. It can track non-compliance queries raised by auditors and the corresponding compliance remarks by respective branch managers.
Smart Audit is fully parameterized & scalable. Banks can configure, based on its Audit Policy, what parameters to examine for audit of each of the modules. Thus, Audit Policy can be very effectively & objectively implemented using this software. Also, learning from the previous experiences, if bank wishes to change or add new parameters, that can be done easily.
Smart Audit can be integrated with the existing Core Banking solution that bank is using. The required data can be pulled from the live server onto Audit server every day (or at regular interval as per the requirements). This data is then made available to the Auditors during audits. This makes the audit process faster & fool-proof. The software also ensures that the 100% data is examined by the auditors.
Smart Audit saves lot of time & effort. The auditors get to see all the relevant data, whatever is possible, on the screen itself and if there is any non-compliance observed, auditor just need to enter the respective remark against the corresponding entry. Software keeps track of such non-compliance observations. The branch manager (or staff) will see only the pending non-compliances and can reply to them. Auditor can check them and if satisfied, can accept the compliance. The whole process is managed very efficiently by the software. The central Audit department can view all the communication and can also track them. In fact, central Audit department can raise their own non-compliance queries or can send reminders to branch managers for pending non-compliances.
Smart Audit allows auditor to define the risk level associated with each non-compliance as High risk, Medium risk or Low risk. The software then allows to view & report non-compliances based on the risks.
Smart Audit generates various MIS reports which give valuable inputs to the management. There is provision to send certain reports via e-mail, reducing the paper-work and time delay.