Audit360 Articles

Microfinance Institutions are critical in providing financial services to underserved populations, but their operational environment comes with unique challenges. Ensuring compliance, minimizing risks, and maintaining internal controls across multiple branches and teams can be difficult without a centralized, automated system. Audit360 is explicitly designed to address these challenges by digitizing and automating the internal audit process.

The banking industry is undergoing a digital transformation, and internal audits must evolve to keep pace. Manual processes are no longer sufficient to handle the increasing complexities of regulatory compliance, risk management, and operational oversight.

Internal audits are the backbone of risk management and regulatory compliance in banking. However, traditional audit processes often introduce inefficiencies, delays, and risks due to manual workflows and fragmented data management.

Earlier this year (Feb'2021) RBI had released a circular for NBFCs (All deposit-taking NBFCs, irrespective of their size; All Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; and All UCBs having asset size of ₹500 crores and above) to mandating Risk Based Internal Audits.

Digitization today is no more a futuristic step; it is not a strategic advantage; it is mere a catching up. If you are reading this and have not digitized the Internal Audit process, you are already behind by a year if not more!

Digitization is no more an option. It is no more a brouhaha. This article explores the urgency of digitizing Internal Audit function.

Through my interactions with many of you in person, or through Social Media Platforms, I am convinced that we all are in the same page when it comes to whether Internal Audit should take the Digital Journey or not.

Remote audits can play a very crucial role in making your internal audit processes more efficient. Specially in times when cost cutting becomes a major concern, remote audits can be a great choice for you and your internal audit team.

How to evaluate an internal audit management software? Should you buy one? Or, should you make the software in house? What are the quality specifications of a good internal audit management software? This articles answers these questions.