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5 Themes for Corporations to Start Using Audit Management Systems

5 Themes for Corporations to Start Using Audit Management Systems

International Institute of Auditors (IIA) Netherlands organised 2 Roundtables (Roundtable Retail and the Chief Audit Executive Forum) during which a discussion was conducted about the use of Audit Management System (AMS) in performing internal audit activities. From the discussion, 5 themes have been summarized as the basis for an organization to consider purchasing and start using AMS which are discussed below:


1. The system should be catalyst for efficiency and quality control

The usage of AMS should be able to replace majority of the manual audit tasks hence simplifying audit processes and allowing more time to be spent for actual audit checking, control assessment and remediating issues. The ability of AMS to allow for standardizing repetitive work and output, such as automatically roll forward past year audit, digitalizing work paper management and simplifying issue tracking will provide auditors with more control of quality management of the audit processes.  


2. The AMS should be less frustrating, hence satisfying the auditor

The 3 major factors that will determine the auditor satisfaction in using AMS can be categorized as user’s perceived quality, value and service. In short, so long the AMS, service and overall experience exceeds the auditor’s expectations, then the investment in AMS is considered worthwhile.


3. The AMS should support the digital transformation of an internal audit   function

Implementation of AMS should not confine merely as recording instrument but it should support the application of data-driven audit assessment, hence bringing the value and quality of audit findings and reporting to a new level. Findings without properly backed by data might be less easily to be accepted by the auditee, let alone if the audit assessment was done using traditional method of sampling basis, which might not be able to detect anomalies and uncover potential areas of concern.


4. Improving the efficiency of auditors with more options to use free capacity

Data analytics and automation capabilities offered by AMS will free up some capacities of the auditors hence will allow auditors to be more efficient and available to perform more audit engagements.


5. One tool for all “Lines of Defence” as condition for good cooperating 3 Lines

It is desirable for the AMS can be used as integrated tool for the first, second and third line of defence. To ensure this, the AMS solution should be able to cater both requirements from risk management and audit management perspective.



[Source: Institute of Internal Auditors, 2020-The IIA's Three Lines Model Updated]


Modern Audit system (also known as AuditBond) by Diligent, has a complete solution that can fulfil the requirements from these 5 themes. Do contact us to learn more on how our Modern Audit system is the best solution to your organization.


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