Auditors: How Archive One makes it easier for you to run audits

(Related Article: Document management gone digital: the rise of automated file routing and compliance management)

A document management software (DMS) should be more than just a secure and centralized storage of digital documents. It must also be able to strengthen your business’s ability to adhere to compliance regulations and audit documentation. 

Currently, most companies still use a manual or paper-based audit system to manage audit documentation which is time-consuming, prone to loss of records, and inefficient. With a long list of transactions an auditor had to go through along with the supporting documents that had to be validated, the audit process is becoming increasingly challenging. 

It is recommended for companies to revise the processes of document registration, transfer, and control within an organization, assess effectiveness, identify weaknesses, and implement the following:

• Digitizing the Documents and Automation 
• Document management system (DMS) with built-in audit features
• A single user interface for audits
• Choose your own Audit Scopes by creating and adding documents to them
• Audit scope can be set to signify the coverage of an audit.
• Documents are added to an “Audit Scope” for actual audit work.
  
  

How Archive One solves audit documentation challenges

1. Built-in audit tool makes audit easy to execute 
2. No need for paper duplicates
3. All files are stored in one place and records are easily retrievable
4. Provides artifacts for auditors
5. Automated reporting of cases and resolutions
6. A database of historical audit
• Historical Audits pertains to the list of all previously completed Audits (Audit Scopes)

How to use Archive One's built-in audit feature

1. Select documents to audit
• Use Transaction Period Filters and Document Types
• Examples: Expense Vouchers – 2019.12, Expense Vouchers – 2020.11
2. Add selection to a new or an existing Audit Scope
• The initial status of documents will be unaudited
3. Start audit
• Mark documents with reasons for findings
• Pass documents
4. Create a report
• Single Scope Report
• All Scopes which can be filtered according to their status

 

Automated, scalable, and streamlined approach to audits

The audit function in business keeps on evolving to keep up with emerging technologies, industry pressures, and business challenges. These factors also place a greater demand for the audit function to modernize using technology.

With a document management solution such as Archive One, businesses can leverage audits and compliance in an automated and integrated framework. This solution provides augmented features such as a single interface for audits, audit artifacts, central storage of records, a database of historical audits, and automated reports.

Archive One equips businesses with tools that make audit documentation a walk in the park -- it makes it easy to prepare the required information correctly and provide system access to auditors, enabling them to view these files. Not only do these benefits reduce the risks of failing an audit, but it also helps departments such as Finance, HR, and Records/Compliance to focus on daily operational activities.