Internal Audit Software

Internal Audit Software

Internal Audit Software – LASER Audit Reporting Software

Internal audit software is a key requirement for 21st Century auditors. Get real-time completion status of ongoing Audits at all locations. Centrally manage audit planning, audit programs, workpapers and fieldwork and coordinate information among Auditors, Auditees and Management at all levels of organization.

Laser Audit Reporting System puts you in control of the complete audit lifecycle by establishing a systematic, disciplined and a uniform process for internal audit management. Aligned with the Institute of Internal Auditors (IIA) standards, this web-based solution enables you to plan your annual audits, schedule it, view audit programs, create work papers and findings and track ongoing observations. Through LARS® you can keep all your audit files in one place and easily share them with Auditors, Auditee and Management Team. Read more.

How LARS® can help?

  • Brings Auditors, Auditees and Management together.
  • Establishes a transparent and uniform process for internal audit management at all levels of an organization.
  • Get real-time completion status of ongoing Audits at all locations.
  • Get ageing analysis of all open observations by importance of observation, department and by SBU.
  • Get reports showing breach of committed dates for observations by department.
  • Effectively plan Annual Audits by selecting audit areas based on control effectiveness measure history of audit areas.
  • Auditors get a central workspace to manage all audit areas assigned to them. Instead of scattering documents all over the place, LARS® keeps all information of an audit area centralized at one place.
  • Create Audit Program from scratch or use one already saved in your “Audit Program” repository. Simply select the audit program from repository that closely fit your audit, edit the plan as required and you are done with audit program, saving your hours of data entry time.
  • Create work paper and findings for an audit program. Update field work and findings for each control, policy or procedure that is evaluated.
  • Create observations related to a control, policy or procedure. Capture complete observation details such as observation title, observation details, type, category, escalators, impact, short observation, recommendations etc.
  • Quickly fetch the list of open observations by audit area, auditee, department or SBU.
  • Create corrective and preventive recommendations for improvements for identified observations. Auditees create action plan, assign responsibility and sets deadline in response to the suggested recommendations.
  • Keep all your audit files in one place. Easily share files, documents, images with Auditors, Auditees and Management. LARS® supports all popular file formats including Microsoft Word, Excel, Power Point, Outlook Message, PDF, JPG, Gif, PNG etc.
  • Automatically reminds auditees to update status on pending action plan activities.
  • Automatically escalates activities that remain incomplete after “X” no. of days from due date of the activity.

At PML Advisory, we trained and certified to implement LASER Audit Reporting Software and other LASER suite of products in Nigeria.

Internal Audit Software

Bookkeeping is an integral part of business management. Bookkeeping is the process of recording and maintaining financial transactions for your business, and it’s a great way to generate a detailed financial overview for your business whenever you need it. The discipline of bookkeeping accounts for a large proportion of the accounting process. By working with a bookkeeper every month, your finances are organized and ready to go for your accountant when it comes time to file your tax return in a timely manner. Simply put, a bookkeeper keeps the financial records of a company. These records are not only essential for the success of a business, but they are also required by law. Tax preparation is a key reason to maintain a detailed set of books. The tax man will not be satisfied with records that are not properly logged. Not having a company's books in order could be very detrimental to the company. Irregularities, embezzlement, and other forms of undisciplined and unprofessional acts could be done unnoticed. We are going to give you some reasons why it is essential that your business has a bookkeeper. 1) Bookkeeping is a very tedious process. Attempting it yourself could take from you valuable hours you could spend managing your business. A bookkeeper can spend a couple of hours a week keeping your paperwork up to date so you can relax or work more on your business. It is advisable to give the right task to the right person so that everybody would be happy. You have your books in order as a business owner, while the bookkeeper stays employed. 2) A bookkeeper does bookkeeping for a living. Not only would they spend less time doing the books than you would, they also know what they are doing since they are experts, therefore they will typically be more efficient and accurate in their work. Doing bookkeeping by yourself without knowing the key elements of the bookkeeping process can create some disastrous results. Those results may adversely affect your tax return. Not only that, but a subsequent FIRS audit may result in additional tax liabilities as well as open up other financial years for scrutiny. This is why you need a bookkeeping expert. 3) There is a legal requirement to have your business financial statements in order. If the state or federal government decide unexpectedly to undertake an audit on your business, it would be in your best interest to have your books up to date, giving them less time and less opportunity to snoop around in your affairs. 4) Having your books in order helps when you need to make a quick business decision that could affect you financially. When you’re able to clearly see how much revenue you generate every month, and exactly how you’re spending your money, it becomes obvious where potential problems and opportunities lie 5) With a bookkeeper working regularly on your financial transactions, they are more likely to notice emerging patterns and can bring important financial matters that you may have overlooked or not even noticed to your attention. 6) Well managed books will provide your Accountant with information to prepare the financial statements such as profit and loss, and a balance sheet on time They are also needed if you are applying for credit from financial institutions. 7) Keeping up to date with your paperwork avoids the risk of late payment of fees, penalties, and fines. 8) When you decide to sell your business, buyers will be able to see the true value of the business that you have worked so hard to develop by merely looking at your books. 9) You will be able to get up to date management reports. Some people run their business with little or no knowledge about the financial angle to it. They are operating, yet they have no idea if the business is operating at a profit or loss. They do not concern themselves with the day to day accounting, but rather get their financial figures from their accountant which is prepared annually. At this point, it may be very late in the day to make any change to save your business. A bookkeeper, however, can give you up to date figures; weekly, fortnightly, or monthly, depending on how often you need the records. This information could be critical to the success of your business. Regardless of the size of your company, good bookkeeping practices are essential to keeping your business running smoothly. Accurately kept books do more than making it easy to file your annual tax returns. A quick review of your books can show where you need to spend more or less money, who gives you the most business and who takes the longest to pay you, and how much you are spending compared to how much you’re making. At PML, we offer more than bespoke bookkeeping services to help small business grow. You don’t need an in-house bookkeeper. Talk to us today.