MEGA, a governance, risk, and compliance solutions provider, has combined the internal audit management functions of the MEGA Suite with industry best practices in a pre-packaged solution. By automating internal audit management and the support for all major audit processes, companies can accomplish more with fewer resources and improve the quality and timeliness of audit information for executives and boards.

Because all standard internal audit processes are defined and embedded in the software, auditors don't need to spend their time defining their audit procedures in the MEGA tool. In addition, the MEGA Suite offers significant advantages over the manual office-like tools that some organizations still use. Rich audit functionality in this offering makes it an easy-to-use solution that delivers a very high value-to-cost ratio.

Another important factor for successful internal audit management is integrating audit activities with corporate governance and risk management processes. This approach provides standardized reports at all levels of the organization to improve decision making and risk avoidance or mitigation.

The solution supports the IIA internal audit methodology and provides a common repository that stores all pertinent information for analysis and sharing. It includes the company's business processes and risks, making it possible to link audit mission objectives to them. As a result, internal auditors can gather up-to-date knowledge of how the organization operates, and relate it to risks, controls, and compliance.

The new internal audit management solution covers several standard steps, from planning to audit. Plan building allows companies to create audit plans following the IIA best practices. There is a new graphical scheduling capability, as well as an ability to generate a work program from templates. In addition, a new standard workflow enables work program validation and traceability, with export capabilities for spreadsheets.

Internal auditors will find a new root cause analysis helpful, in addition to reports that indicate if audit evidence has been attached to findings and on auditor work progress. All of the new features are designed to save time in the internal audit process, while ensuring audit data consistency and tracking.