Improvement in Reporting Speed
Digitalization of MFI Internal Audit Process
Timesaving for CAE in Reporting
Reduction in Central Team’s Efforts
Branch Audits
Center / Group Audits
Customer Visits
Loan Utilization Checks
CGT & GRT Audits
Functional Audits
HR Audits
IT Audits
Asset Audits
Management Audits
Process Audits
Governance Audits
Tight digital audits at the center and branch during CGT, GRT, disbursement, and post-disbursement stages help realign groups and field executives with MFI’s mandate. Gaps identified & rectified at digital speeds prevent member disengagement, mistrust, or fallout.
Automated workflows and digital tools help auditors and auditees complete their tasks quickly without ambiguity. Smooth coordination ensures nothing is missed & resolutions are swift. CAEs can focus on compliance & assurance rather than putting time into compiling and reconciling reports.
The auditor app comes with built-in geo-tagging and digital evidence controls. This ensures auditors do not take shortcuts, procrastinate observations, or manipulate data. Root cause capturing enforces accountability. Automated reporting ensures there is no data tampering.
Automated scoring ensures branch and center performance is objective and thorough. MFIs can configure their own performance formulae. Branches can be scored on audit process adherence too, like delays in resolution.
End-to-end digital execution ensures timely closure of the audit cycle, improved capacity, tighter controls, and faster resolution turn-around time. This helps mitigate risks better.
Audit360 helps you orchestrate the entire audit life cycle from the head office. Automated workflows and digital-at-source execution with real-time visibility ensure you are always in full control of the operations. Executing audits according to the plans is easy & hassle-free.
Digital planning & configuration
Digital scheduling
Digital-at-source execution
Real-time tracking
Automated flows
Automated reporting
With an intuitive audit scheduling interface, you can handle many complex scheduling scenarios like parallel scheduling, surprise audits, informed audits, and reassignments while accounting for skills, availability, capacity & deadlines. Once scheduled, the assigned audits are automatically delivered to the respective auditors’ mobile apps.
The scheduled audits are instantly delivered to the respective auditors’ mobile apps. Auditors can authenticate and accept the audits on the mobile app. Once accepted, the audits are loaded in the app, and they can commence the audit from the field location. The audits can be run in multiple modes – lighting, express, and detailed.
Audit360 has a built-in standard maker-checker workflow. You can run multiple review cycles, escalate issues, put deadlines on review activity, and track management comments to closure.
Automated workflow with built-in communication ensures there are no delays & ambiguities in auditee signoffs. You can set a time limit on sign-off and issue resolution automation as per your policies.
You can configure digital checkpoints with any data type – text, number, date, yes/no, percentage & more. Digital audits let you set scoring, workflow, and reporting configurations. You can specify execution sequences or conditions for checkpoints.
Branch Audits
Center Audits
Surprise Audits
Scheduled Audits
Compliance Audits
Sample Audits
Process audits
Multi-auditor audits
Provisional review
Multi-level review
The app ensures audits are delivered to the auditors automatically without any delays. The built-in controls ensure that the execution is thorough & error-free. The auditor app is an ultimate checklist-based audit tool with many powerful features.
Geolocation
Built-in security
Digital evidence capture
Root cause analysis capture
Offline execution
On-the-spot resolution
Emergency reporting
Flexible user-interface
Conditional execution
Bulk execution
The auditee app helps branch and regional managers sign off & close issues from anywhere anytime. With the app handy, branch managers save time by closing issues during their daily branch activities and center trips.
Automatic assignment
Open Issues Notification
Open/Close Tracking
Digital Evidence Capture
Offline Operation
Built-in Security
Audit360 has decision-ready reports for audit execution, branch performance, center performance, performance comparison, and audit compliance. The reports have data access control, drill-down views, filters, and Excel export features. Configurable dashboards help you quickly present audit findings as per the immediate audit committee needs. You can import external data into Audit360 & create custom reports based on standard reporting requirements.
Excel / PDF Export
Third-party data import
Dashboard reports
Drill-down & Filtering
Data Access Controls
Custom Reports
Custom Formulae
Flexible Reporting Style
Key Highlights:
Go live in 10 working days
Import third-party audit scores into Audit360
Key Highlights:
Coverage of 700+ branches
2 Custom Audit Workflows
Ans: Yes, Audit360 is perfect for risk-based audits in MFIs. While risk assessment must be done outside Audit360, the findings of risk assessment can finally be maintained in Audit360’s risk-register module. This becomes an input for audit planning and execution. The audits can then be conducted usingAudit360’s checklist-based audit. Once the audit cycle closes, the risk register is updated.
Ans: No. There is no limit. You can create any number of checkpoints and audits in Audit360.
Ans: Yes, Audit360 is a SAAS product. It can scale as per your needs. Moreover, Audit360 provides all the basic workflows and digital features that are needed in MFI’s internal audit execution. For large MFIs requiring complex flows, premium features are available out of the box.
You can bring in any execution strategy – sample-based or covering 100% of transactions. Audit360 takes care of all types of workflows.
Ans: Yes.
Ans: During the kick-off meeting with the stakeholders, success criteria are documented. After this, we gather information from the internal audit team and prepare the configuration requirements. We carry out user training along with the configuration setup. This gives a hands-on experience to users as we roll out the system.
After going live, we provide a few weeks of handholding to users, after which customer support is enabled.
Ans: If all information is provided on a timely basis Audit360 can be made to go live in 10 working days for a large MFI.
Ans: Audit360 provides 3 types of plans based on the deployment model – a SAAS model, an on-premise model, and a hybrid model.
SAAS is the most preferred model. Here a multi-tenant cloud instance of Audit360 is provided.
Some large MFIs prefer on-premise deployment where the instance is deployed in the organization’s servers.
In the Hybrid model, Audit360’s IT team manages a standalone cloud deployment of Audit360.
Ans: Audti360 provides chat-based, email-based, call-based, and ticketing support with dedicated and shared resource options.
Ans: Yes, Audit360 has a defined process for building custom features. Once customization is accepted either it is made part of the go-live or one of the releases as agreed with the client.
Ans: Audit360 comes with many standard features that take care of 80% of MFIs. However, there are times when MFIs need certain variations in the features and workflows. Instead of going through a customization process, Audit360 has built features that can be made available at an additional cost. This turns out to be cost-effective for MFIs. If you would like to know more about Audit360’s standard and premium features, ask for a demo.
.svg){kind=small}