Audit Management System

Simplify audit processes and enhance compliance with Sibasi's Audit Management System. Improve audit efficiency and effectiveness.

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Overview

Achieve compliance and transparency with our Audit software. Enhance your organization's control environment and ensure adherence to regulatory requirements.

Efficiently plan, execute, and report on audits with our solution. Streamline audit processes, reduce manual effort, and improve accuracy for a control environment.

Track findings, monitor corrective actions, and generate insightful reports for stakeholders. Empower management with real-time visibility into audit outcomes and areas for improvement.

Optimize business processes and drive continuous improvement with Sibasi's reliable Audit solution. Strengthen risk management, identify operational inefficiencies, and implement strategic enhancements.

Ensure audit readiness and streamline planning, execution, and reporting processes with Sibasi's Audit Management System. Maintain efficiency and effectiveness with integrated workflows.

Monitor audit findings and corrective actions through real-time dashboards. Enhance compliance with regulatory requirements and internal policies while improving overall audit performance.

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What an audit management project costs

Clear ranges so you can plan a budget before the first call. Pick the tier closest to your situation.

Essential

One department or process, standard configuration.

$9,000 to $20,000

one-time project

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Best fit for most organizations

Standard

Several departments, integrations and data migration.

$45,000 to $80,000

one-time project

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Enterprise

Organization-wide, multi-entity or heavily integrated.

Custom

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  • A range becomes a fixed price after a short scoping call. What moves a price: users and departments, data to migrate, integrations, and how much is configured versus built.
  • Optional annual support and managed governance starts at 18% of the project value per year (minimum $1,800). Changes after go-live are $85 per hour, or a prepaid 20-hour block for $1,600.
  • Prices exclude VAT (16% in Kenya) and withholding tax.

Not sure which fits? Tell us your team size and what you use today and we will point you to the right option.

What is an audit management system?

An audit management system runs the internal audit function end to end: the risk-based annual audit plan, the individual engagement from scoping through fieldwork to reporting, the findings raised, and, the part that determines whether audit adds any value, the tracking of management actions through to verified closure.

Internal audit is unusual among business functions in that its output is almost entirely evidence and follow-up. An audit report that identifies a control weakness achieves nothing if the agreed remediation is never implemented, and in most organizations the follow-up register is a spreadsheet that the audit team updates by chasing people over email before each audit committee meeting.

That chase is the process an audit management system is really buying back. When actions have owners, due dates and status visible to management continuously, the conversation at the audit committee shifts from "what is outstanding" to "why", which is a considerably more useful meeting.

Key features to look for in an audit management system

Written for an internal audit function assessing options. Several of these map directly to the IIA standards your own quality assessment will be measured against.

1

A risk-based annual plan

The audit universe held as entities with risk ratings, and the annual plan built from it with coverage visible. This is what allows the plan to be defended to the audit committee as risk-based rather than habitual.

2

Engagement workflow from planning to report

Scope, program, fieldwork, review, draft report, management response and final issue as defined stages with review sign-off at each. Review notes and their clearance should be part of the record.

3

Working papers with evidence attached

Testing documented against the audit program, evidence attached to the test rather than stored separately, and a clear line from evidence to finding to recommendation. This is what an external quality assessment examines.

4

Findings tracked to verified closure

Each finding with a rating, an agreed action, a named owner and a due date, tracked independently of the engagement that raised it, and closed only when audit has verified it, not when the owner says so.

5

Automatic follow-up

The system chasing owners on schedule and escalating overdue actions, so the audit team spends its time testing rather than sending reminders.

6

Audit committee reporting

Plan progress, findings by rating and area, overdue actions and repeat findings, generated rather than compiled. Repeat findings in particular are the metric committees care about and the hardest to produce by hand.

7

Time and resource management

Auditor time recorded against engagements, so the plan can be resourced realistically and the cost of each audit is known.

8

Segregated access

Auditors need broad read access to evidence while their own working papers and draft findings stay confidential until issue. The permission model should support that asymmetry cleanly.

Frequently asked questions about audit management systems

How much does an audit management system cost?

Sibasi delivers audit management from USD 9,000 for a basic deployment covering the audit plan, engagement workflow, findings register and follow-up tracking. A standard deployment is USD 45,000 and extends to working papers, evidence management, resource and time tracking, and audit committee reporting, with custom scoping for larger functions or multi-entity groups. The cost is driven by the size of the audit function and the depth of working-paper support required.

Does it support internal audit standards?

The system supports the practices the IIA standards require, a risk-based plan, documented engagement planning, supervised and reviewed working papers, evidence supporting conclusions, and communication of results with follow-up on management actions. Conformance itself is a property of how the function operates rather than of the software, and an external quality assessment examines the function, not the tool. What the system does is make the evidence of conformance retrievable rather than reconstructed.

Can external auditors and regulators be given access?

Yes, and it is a common requirement. Access can be granted scoped to particular engagements or periods and time-limited, so an external auditor placing reliance on internal audit work can review it directly rather than being sent a package of files. Every access is logged, which is generally welcomed by both sides.

How does it handle repeat findings?

Findings are tracked against the entity and process they relate to rather than only against the engagement that raised them, so a control weakness identified again in a later audit is visible as a recurrence rather than as a new issue. Repeat findings are usually the single most useful metric an audit committee sees, because they distinguish a control that failed once from one that management has not actually fixed.

Is it suitable for a small audit function?

Yes, and arguably the return is higher. A two- or three-person function spends a disproportionate share of its time on administration, scheduling, chasing actions, compiling committee papers, because there is nobody to delegate it to. Automating follow-up and reporting returns a meaningful fraction of a small team's capacity to actual audit work.

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