The Best
Internal Audit Management Software for Microfinance Institutions (MFIs)

Digitize Internal Audit Operations, Streamline Processes, Strengthen Fraud Control, Demonstrate Cost Savings, Scale with Ease & Attract more Investments

Impact of Audit360 on MFI Internal Audit Operations

Enormous capacity release, efficiency improvement, and cost savings leading to an unprecedented Return on Investment

1X to 2X

Roi within 9 to 15 months

30X

Improvement in Reporting Speed

100%

Digitalization of MFI
Internal Audit Process

50%

Timesaving for CAE
in Reporting

75%

Reduction in Central
Team’s Efforts

Internal Audit Automation for Microfinance

Audit360 is a checklist-based digital audit management system for MFIs covering

Branch Audits

Branch Audits

Center / Group Audits

Center / Group Audits

Customer Visits

Customer Visits

Loan Utilization Checks

Loan Utilization Checks

CGT & GRT Audits

CGT & GRT Audits

Functional Audits

Functional Audits

HR Audits

HR Audits

IT Audits

IT Audits

Asset Audits

Asset Audits

Management Audits

Management Audits

Process Audits

Process Audits

Governance Audits

Governance Audits

Meeting MFI Internal Audit Objectives
Faster & Better

Scale Internal Audit Operations, Give Thrust to Risk-free Growth
& Elevate Investor Confidence

Containing Reputational Risks Effectively - Audit360 Microfinance Audit Solution

Tight digital audits at the center and branch during CGT, GRT, disbursement, and post-disbursement stages help realign groups and field executives with MFI’s mandate. Gaps identified & rectified at digital speeds prevent member disengagement, mistrust, or fallout.

Unambiguous & Effortless Compliance Assurance - Audit360 Microfinance Audit Solution

Automated workflows and digital tools help auditors and auditees complete their tasks quickly without ambiguity. Smooth coordination ensures nothing is missed & resolutions are swift. CAEs can focus on compliance & assurance rather than putting time into compiling and reconciling reports.

Better Fraud Control & Prevention - Audit360 Microfinance Audit Solution

The auditor app comes with built-in geo-tagging and digital evidence controls. This ensures auditors do not take shortcuts, procrastinate observations, or manipulate data. Root cause capturing enforces accountability. Automated reporting ensures there is no data tampering.

Objective Branch & Center Performance Assessment - Audit360 Microfinance Audit Solution

Automated scoring ensures branch and center performance is objective and thorough. MFIs can configure their own performance formulae. Branches can be scored on audit process adherence too, like delays in resolution.

Better Risk Management - Audit360 Microfinance Audit Solution

End-to-end digital execution ensures timely closure of the audit cycle, improved capacity, tighter controls, and faster resolution turn-around time. This helps mitigate risks better.

Centralized Audit Management

Audit360 helps you orchestrate the entire audit life cycle from the head office. Automated workflows and digital-at-source execution with real-time visibility ensure you are always in full control of the operations. Executing audits according to the plans is easy & hassle-free.

Centralized Audit Management
Digital planning & configuration

Digital planning & configuration

Digital scheduling

Digital scheduling

Digital-at-source execution

Digital-at-source execution

Real-time tracking

Real-time tracking

Automated flows

Automated flows

Automated reporting

Automated reporting

Streamlined Internal Audit Workflows

Digital Audit Scheduling

With an intuitive audit scheduling interface, you can handle many complex scheduling scenarios like parallel scheduling, surprise audits, informed audits, and reassignments while accounting for skills, availability, capacity & deadlines. Once scheduled, the assigned audits are automatically delivered to the respective auditors’ mobile apps.

Digital Audit Scheduling - Streamlined Internal Audit Workflows
Digital Audit Execution - - Streamlined Internal Audit Workflows

Digital Audit Execution

The scheduled audits are instantly delivered to the respective auditors’ mobile apps. Auditors can authenticate and accept the audits on the mobile app. Once accepted, the audits are loaded in the app, and they can commence the audit from the field location. The audits can be run in multiple modes – lighting, express, and detailed.

Review Process Automation

Audit360 has a built-in standard maker-checker workflow. You can run multiple review cycles, escalate issues, put deadlines on review activity, and track management comments to closure.

Review Process Automation - Streamlined Internal Audit Workflows
Auditee Sign-off and Issue Resolution Automation

Auditee Sign-off and Issue Resolution Automation

Automated workflow with built-in communication ensures there are no delays & ambiguities in auditee signoffs. You can set a time limit on sign-off and issue resolution automation as per your policies.

Audit360 Technology Advantage

Digital Checkpoints & Audits

You can configure digital checkpoints with any data type – text, number, date, yes/no, percentage & more. Digital audits let you set scoring, workflow, and reporting configurations. You can specify execution sequences or conditions for checkpoints.

Audit360 Technology Advantage - Digital Checkpoints & Audits

Built-in MFI Audit workflows

Branch Audits

Branch Audits

Center Audits

Center Audits

Surprise Audits

Surprise Audits

Scheduled Audits

Scheduled Audits

Compliance Audits

Compliance Audits

Sample Audits

Sample Audits

Process audits

Process audits

Multi-auditor audits

Multi-auditor audits

Transaction audits

Provisional review

Management audits

Multi-level review

Auditor App

The app ensures audits are delivered to the auditors automatically without any delays. The built-in controls ensure that the execution is thorough & error-free. The auditor app is an ultimate checklist-based audit tool with many powerful features.

Audit360 Technology Advantage - Auditor App
Geolocation

Geolocation

Built-in security

Built-in security

Digital evidence
capture

Digital evidence
capture

Root cause
analysis capture

Root cause
analysis capture

Offline execution

Offline execution

On-the-spot
resolution

On-the-spot
resolution

Red flag warning

Emergency reporting

Flexible Interface

Flexible user-interface

Conditional
execution

Conditional
execution

Bulk execution

Bulk execution

Auditee App

The auditee app helps branch and regional managers sign off & close issues from anywhere anytime. With the app handy, branch managers save time by closing issues during their daily branch activities and center trips.

Audit360 Technology Advantage - Auditee App
Automatic
assignment

Automatic
assignment

Open Issues
Notification

Open Issues
Notification

Open/Close
Tracking

Open/Close
Tracking

Digital Evidence
Capture

Digital Evidence
Capture

Offline Operation

Offline Operation

Built-in Security

Built-in Security

Decision-ready
Compliance & Conformance Reporting

Audit360 has decision-ready reports for audit execution, branch performance, center performance, performance comparison, and audit compliance. The reports have data access control, drill-down views, filters, and Excel export features. Configurable dashboards help you quickly present audit findings as per the immediate audit committee needs. You can import external data into Audit360 & create custom reports based on standard reporting requirements.

Decision-ready
Compliance & Conformance Reporting
Decision-ready
Compliance & Conformance Reporting
Excel Export

Excel / PDF Export

Third-party
data import

Third-party
data import

Dashboard reports

Dashboard reports

Drill-down &
Filtering

Drill-down &
Filtering

Data Access Controls

Data Access Controls

Custom Reports

Custom Reports

Custom Formulae

Custom Formulae

Flexible Reporting
Style

Flexible Reporting
Style

rEQUEST A DEMO

Client Success Stories

PAT Finance

Key Highlights:

Go live in 10 working days
Import third-party audit scores into Audit360

Testimonial

Testimonial

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NOCPL

Key Highlights:

Coverage of 700+ branches
2 Custom Audit Workflows

Testimonial

Testimonial

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Demo Request Form

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Frequently Asked Questions (FAQs)

Q: Can Audit360 be used for risk-based internal audits in MFIs?

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Ans: Yes, Audit360 is perfect for risk-based audits in MFIs. While risk assessment must be done outside Audit360, the findings of risk assessment can finally be maintained in Audit360’s risk-register module. This becomes an input for audit planning and execution. The audits can then be conducted usingAudit360’s checklist-based audit. Once the audit cycle closes, the risk register is updated.

Q: Is there a limit on the number of Audits or Checkpoints in Audit360?

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Ans: No. There is no limit. You can create any number of checkpoints and audits in Audit360.

Q: Is Audit360 suitable for all sizes of MFIs?

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Ans: Yes, Audit360 is a SAAS product. It can scale as per your needs. Moreover, Audit360 provides all the basic workflows and digital features that are needed in MFI’s internal audit execution. For large MFIs requiring complex flows, premium features are available out of the box.

You can bring in any execution strategy – sample-based or covering 100% of transactions. Audit360 takes care of all types of workflows.

Q: Is Audit360 suitable for the microfinance division of banks?

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Ans: Yes.

Q: How is Audit360 onboarding done?

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Ans: During the kick-off meeting with the stakeholders, success criteria are documented. After this, we gather information from the internal audit team and prepare the configuration requirements. We carry out user training along with the configuration setup. This gives a hands-on experience to users as we roll out the system.

After going live, we provide a few weeks of handholding to users, after which customer support is enabled.

Q: How much time does it take to go live with Audit360?

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Ans: If all information is provided on a timely basis Audit360 can be made to go live in 10 working days for a large MFI.

Q: Does Audit360 offer an on-premise deployment plan besides SAAS model?

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Ans: Audit360 provides 3 types of plans based on the deployment model – a SAAS model, an on-premise model, and a hybrid model.

SAAS is the most preferred model. Here a multi-tenant cloud instance of Audit360 is provided.

Some large MFIs prefer on-premise deployment where the instance is deployed in the organization’s servers.

In the Hybrid model, Audit360’s IT team manages a standalone cloud deployment of Audit360.

Q: How is customer support provided?

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Ans: Audti360 provides chat-based, email-based, call-based, and ticketing support with dedicated and shared resource options.

Q: Can custom features be built in Audit360?

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Ans: Yes, Audit360 has a defined process for building custom features. Once customization is accepted either it is made part of the go-live or one of the releases as agreed with the client.

Q: What are premium features for MFIs?

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Ans: Audit360 comes with many standard features that take care of 80% of MFIs. However, there are times when MFIs need certain variations in the features and workflows. Instead of going through a customization process, Audit360 has built features that can be made available at an additional cost. This turns out to be cost-effective for MFIs. If you would like to know more about Audit360’s standard and premium features, ask for a demo.

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