Internal Audit in QAD
Posted on: February 6, 2023 | By: Emily Aro | QAD Business Process
This blog will discuss the capabilities of internal audit in QAD along with its benefits. Internal audit is an organization which examines a businesses workflows in order to ensure compliance with their processes and controls. An internal audit includes evaluating and assuring compliance with laws and regulations. This process provides added value to management and the board of directors. It aids by reassuring them that imperfection in a process is recognized and corrected. These audits are centered around departments such as:
Internal vs. External Audits
Internal audits assess a business process through their own department of auditors. An external audit is performed by an outside source or company. Firms including Deloitte, PriceWaterCooper (PWC), and Ernst & Young (E&Y) all provide external audit services. In this blog, we will highlight how your company can use QAD to improve internal audit compliance.
QAD process maps are a software focused solution to enable compliance within the business process. Process maps enable users by demonstrating the proper workflow in a sequential task focused process. The maps include the specific work instructions for each task in a process. New human resources can be onboarded by introducing them to their relevant process maps, making the transition easier and to reduce likelihood of error. Implementing segregation of duties along with role based security will also ensure compliance to the internal control environment established by the management team. Pictured below is a QAD Process map:
Master Data Accounting Tables
Product line and Department Accounting Tables provide primary account strings including account, sub account, and cost center to operational transactions. Accounting departments must ensure accurate configuration of accounting tables at implementation, post implementation, and in ongoing business operations. Accurately maintaining accounting tables ensures a high degree of transactional accuracy. On the other hand, failure to accurately maintain accounting tables will result in inefficiency, rework, and reclassification of general ledger transactions which impacts management’s ability to rely on intra-month financial results.
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