Press Release Summary:
Combining internal audit management functions of MEGA Suite with industry best practices, pre-packaged solution aids implementation of internal audit program by automating management and support for all major processes. Support is included for IIA internal audit methodology, and common repository stores pertinent information for analysis and sharing. Covering all steps from planning to audit, solution offers graphical scheduling, template-generated work programs, and root cause analysis.
Original Press Release:
MEGA Internal Audit Solution Integrated with Industry Best Practices
GRC leader creates faster, easier, less costly approach for internal audit programs
BOSTON - MEGA, a leader in governance, risk, and compliance (GRC), has combined the internal audit management functions of the MEGA Suite with industry best practices in a pre-packaged solution, making it faster, easier, and less expensive to implement an internal audit program.
With companies and audit teams facing increasing workloads and budget constraints, it is more important to use industry best practices and the proper tools in order to increase productivity in audit processes. By automating internal audit management and the support for all major audit processes, companies can accomplish more with fewer resources and improve the quality and timeliness of audit information for executives and boards.
Because all standard internal audit processes are defined and embedded in the software, auditors don't need to spend their time defining their audit procedures in the MEGA tool. In addition, the MEGA Suite offers significant advantages over the manual office-like tools that some organizations still use. Rich audit functionality in this dedicated offering makes it an easy-to-use solution that delivers a very high value-to-cost ratio.
The MEGA Suite's internal audit management solution is used by companies worldwide, helping internal auditors meet new regulatory challenges, coordinate with other risk and compliance functions, and enhance the value of internal audit to their company.
"Internal audit programs improve organizational efficiency. A systematic and disciplined program, based on a solid approach and advanced tools, helps determine whether company operations minimize risk and are under control," explained Lucio de Risi, CEO, MEGA. "With this enhanced solution, internal auditors can gain more control over operations and help improve company business performance."
Another important factor for successful internal audit management is integrating audit activities with corporate governance and risk management processes. This approach provides standardized reports at all levels of the organization to improve decision making and risk avoidance or mitigation.
"With the comprehensive collection and organization of data facilitated by the MEGA Suite, auditors can provide executives and the Board of Directors with reliable and transparent information so they can make sound business decisions," continued de Risi. "It enables information consistency and sharing, best practices standardization, team collaboration, and reliable reporting."
The solution supports the IIA internal audit methodology and provides a common repository that stores all pertinent information for analysis and sharing. It includes the company's business processes and risks, making it possible to link audit mission objectives to them. As a result, internal auditors can gather up-to-date knowledge of how the organization operates, and relate it to risks, controls, and compliance.
The new internal audit management solution covers several standard steps, from planning to audit. Plan building allows companies to create audit plans following the IIA best practices. There is a new graphical scheduling capability, as well as an ability to generate a work program from templates. In addition, a new standard workflow enables work program validation and traceability, with export capabilities for spreadsheets.
Internal auditors will find a new root cause analysis helpful, in addition to reports that indicate if audit evidence has been attached to findings and on auditor work progress. All of the new features are designed to save time in the internal audit process, while ensuring audit data consistency and tracking. This can increase business group support for internal audit and lessen the perception of it as a disruption.
The MEGA Suite has been cited in numerous analyst reports on GRC and risk management, including Continuity Magazine's Risk Assessment Software Report 2012, which cited the MEGA Suite as "the foundation for a complete set of integrated GRC solutions for risk managers, compliance managers, internal control and audit." MEGA was named to the Chartis 2011 RiskTech100 report and as a leader in the Chartis Operational Risk and GRC Software Solutions, and named in Forrester Research's The Forrester Wave: Enterprise Governance, Risk, and Compliance Platforms, Q4 2011.
MEGA International provides software solutions for GRC, internal audit and compliance, enterprise and operational risk management, business architecture, business process analysis, and enterprise architecture. Based on the powerful MEGA Suite, its solutions are used by more than 75,000 people worldwide. Clients include Aetna, Choice Hotels, Cox Enterprises, JC Penney, Medco Health Solutions, Nissan, and Procter & Gamble. www.mega.com.