Internal Audit Management Software

MetricStream Internal Audit Management is AI-native internal audit management software that supports the full audit lifecycle, from audit universe and risk-based planning through fieldwork, control testing, issue management, and board reporting. It aligns with frameworks such as COSO, COBIT, SOX, and ISO.

Yes. Our user-friendly Internal Audit Management system incorporates best practices outlined in the industry standard frameworks such as COSO and COBIT, for creating audit program workflows, control test templates, and financial reports. It facilitates audit teams to plan the audits aligned with the regulations and standard guidelines followed by the organization such as SOX and ISO.

The MetricStream Internal Audit software helps you document, manage, and assess risks across the organization by leveraging a centralized risk framework. Board of Directors can gain visibility into the risks associated with auditable entities along with previous audit history through Audit and Risk Advisor reports. It supports efficient establishment of internal controls and internal control processes and the planning of audits with a focus on key risk areas, ensuring optimum utilization of available resources.

MetricStream Internal Audit helps you define and maintain the audit universe including auditable entities (such as business units, functions, and processes) and common libraries of risks. You can define complex hierarchical structures leveraging the product’s multi-dimensional organization structure (MDOS) setup.

MetricStream Case and Incident Management uses AI and machine learning to intelligently triage incoming cases and incidents. The AI classifies observations as cases, incidents, issues, or loss events, and routes each to the appropriate team based on its classification. AI also identifies patterns among multiple issues that may be related in nature, accelerating investigation and helping compliance teams address systemic problems rather than treating each incident in isolation.

Yes. Our user-friendly Internal Audit management software provides end-to-end audit management capabilities to plan, schedule, manage time and resources, conduct fieldwork, create audit reports, and manage issues and action plans. MetricStream mobile capabilities for internal audit and internal control processes help auditors to respond, review, and approve audit plans and assessments; manage audit checklists; complete audit workpaper and findings; and perform control tests on the MetricStream Internal Audit Mobile App. 

As an audit manager, you can create dynamic audit plans with defined audit objectives, allocated time and resources, and execute audit field work where multiple auditors can collaborate on audits. You can also create audit reports and manage audit issues and action plans. The product helps you to generate draft and final audit reports with the ability to track the number of iterations during the review and approval workflows in a configurable format. You can gain real-time access to audit data, history, and an analysis of audit results with audit status tracking reports and graphical dashboards.

MetricStream Internal Audit Management offers dynamic audit planning where you can define the objective and scope of each audit plan, starting from the audit universe. Multiple auditors can collaborate on a single audit plan, tasks can be assigned to team members, and changes can be locked once the plan is released for execution. Gantt Charts and Timesheet reports help plan and track audit activities efficiently.

As an enterprise internal audit solution, MetricStream’s Internal Audit Management, includes a built-in project and resource scheduler, as well as auditor profile management. You can check resource availability, identify conflicts, and allocate the right personnel to each audit. Time spent on audits is captured through time-tracking, with Timesheet reports providing a comprehensive view of audit schedules.

MetricStream’s Internal Audit Management solution offers auditors can send pre-audit surveys and document requests to auditees, record findings and observations in workpapers, attach supporting evidence, and configure checklists. The product integrates with Microsoft Office for lean documentation. An offline briefcase functionality allows auditors to complete fieldwork without network access, with data syncing automatically once connectivity is restored.

MetricStream’s Intelligent Issue and Action Management feature uses AI/ML to recommend related and recurring issues from historical audit data, assist with issue classification, and suggest actions for self-identified issues. This helps teams prioritize resources for investigation and remediation, track action plans, and close issues systematically.

The MetricStream Internal Audit Management product generates both draft and final audit reports in configurable formats, with workflow-driven review and approval tracking. Real-time dashboards provide visibility into audit status, open vs. closed issues, auditable entities by risk rating, and audit results history, enabling audit leaders and stakeholders to make informed decisions quickly.

Yes. The MetricStream Internal Audit Management product provides external auditors and regulators with secure, time-bound access to audit data for pre-defined periods, ensuring appropriate oversight without compromising data security.

According to customer responses and the GRC Journey Business Value Calculator, the MetricStream Internal Audit Management solution has delivered a 90% reduction in audit review time, a 58% reduction in issue resolution time, and a 50% reduction in the cost of audit follow-ups.