CMS Universe

Audit Planning the Right Way—Create the Right Audit Universe

Audit planning begins with the creation of an audit universe, which represents the potential range of audit activities across a number of auditable entities, including projects and initiatives related to the organization’s strategic plan. Audit universes are organized by:

  • Business units
  • Product or service lines
  • Processes, programs, systems or controls
  • Risk category/prioritization

Should an internal audit team maintain an audit universe?

International standards do not require internal audit teams to maintain an audit universe. The head of internal audit has the discretion whether or not to create and/or maintain an audit universe.

So why bother with an audit universe?

While not required, maintaining an audit universe makes good business sense. Well-maintained audit universes help ensure:

  • Clear audit-activity requirements
  • Appropriate key-risk coverage
  • Emerging-risk identification
  • Defined audit scope and parameters
Inovaare’s CMS Universe drives efficiency, transparency and control across your internal audit process. This cloud-based audit solution offers flexible methodologies for strategic planning to elevate the productivity and performance of internal audit teams.

Inovaare Universe Creation

Key Benefits

  • Build an audit universe depending on potential and real risk areas each year
  • Plan and conduct different types of audits for any part of the audit universe at multiple locations seamlessly at no extra cost
  • Assist the head of internal audit to form an ‘overall audit opinion’
  • Develop a consolidated assurance framework mapping different roles across functions
  • Align audit plans with business objectives
  • Manage workflows, findings, review notes, milestones and real-time project statuses
  • Coordinate between business leaders, governance and compliance other entities
  • Foster a culture of accountability
  • Receive reports and view dashboards in real-time

Have a question? Contact us at info@inovaare.com