Virtual/Remote Audits

 

Virtual Auditing and theirs benefits

Audits are highly essential for companies as they provide a tool to improve and verify compliance performance. Audits are important as they aid in capturing regulatory compliance status, management system conformance, manage internal controls, identify potential risks, and best practices. Audits were usually conducted on-site for various industry verticals and the pandemic has paved way for virtual audits.

Virtual audits are audits that are conducted digitally over the internet medium and is a paperless process. They are conducted virtually without any face to face interaction between an organization and the government. Confidential data is usually exchanged in electronic formats via MS Word, Excel, PowerPoints, PDF, Text or EDI files. Virtual audits are also known as remote audits and refers to the method of conducing audits remotely. Virtual audits are also conducted via video conferencing, email, phone to get evidence of audit the same way as one would conduct the on-site audit. Omnex conducts remote audits in a systematic and documented approach.

The need for virtual audits

Owing to the present pandemic situation and the growing presence of online applications and virtual business, Virtual audit is here to stay. Conducting remote audits have become easier due to the advancement in technologies every other day. The interaction between two parties builds trust. However, the pandemic has made it necessary to conduct audits remotely and auditors are figuring out each day to conduct it smoothly and build a layer of trust.  Both clients and auditors are working collaboratively to make virtual audits a reality and to discover a balance to efficiently conduct audits virtually.

Virtual audits are also conducted the same way as the on-site audits and employ the same four step approach – planning, interim, fieldwork and reporting. However, the way these virtual audits are conducted is different.

Benefits of virtual auditing

Time saving and cost efficient

Virtual audits do save a lot of clients’ time as the time taken to visit the audit firm is ruled out. Virtual audits also see a cost-efficient factor as the travel and infrastructure cost is saved. Documents can be accessed online. Even interviews and discussion can be conducted online through Zoom or Skype.

No need for travel

Since virtual audits are conducted online from the comfort of one’s place, there isn’t the necessity to travel places to see your auditor or client. This brings some relaxation as the hassle to travel can be avoided.

No need for audit logistics

Virtual audits have left auditors to stay free from the stress of logistics to book a conference room or to monitor the confidential files. With virtual audits, files can be accessed anytime from anywhere and can be protected from theft or threats by maintaining a strong password. Since, meetings are conducted online, the need to book or cancel a meeting room is also not a task anymore.

Builds an efficient team

Auditors have now become comfortable working from home. Productivity is also improving since audits are conveniently performing their tasks without any external interference and thus building an efficient team. Contact Omnex for remote audits for your organization.

 

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