Covalent is developing a new product to support the management of the Internal Audit process.
Covalent IAM (Internal Audit Management) can be used by both Internal Auditors (for managing, conducting and reporting on audits) and Management/Executive teams (for the post-audit tracking of recommendations).
Covalent offers Audit Management fully integrated with Risk Management functionality, a natural and logical combination of tasks.
Covalent IAM will offer functionality to develop the audit programme plan/schedule for the year, with details of what is to be audited (proposed audits and any already conducted) and the allocation of auditors to the audit, with due date for completion so they can track the entire lifecycle of the auditing process, easily identifying action delays and unresolved issues.
It will also support the execution of the audit itself and the recording of all findings/results. Findings are sent to management in the audited entity to seek responses on findings or issues observed, and agreement on the actions needed to make improvements.
Finally, Covalent IAM supports the tracking of the implementation of audit recommendations made. Where issues are identified, auditors make recommendations that need to be actioned by managers across the organisation – tracking the progress of these recommendations to completion is fundamental to measuring the effectiveness of the audit function.
As with all Covalent products, Covalent IAM will feature built in reporting on all aspects of the Internal Audit process, as well as dashboards.
The full release of Covalent Internal Audit Management is due in February 2012.