Internal Audit and Financial Controls

MetricStream Internal Audit Management uses a centralized audit universe—a hierarchical repository of auditable entities, risks, controls, and IT assets—as the foundation for audit planning. Risk assessments of each auditable entity, combined with prior audit history available through Audit and Risk Advisor reports, allow audit managers to prioritize resources toward the areas of highest risk. Audit plans can be configured with defined objectives and scope, and multiple auditors can collaborate on a single plan.

According to customer responses and the GRC Journey Business Value Calculator, MetricStream Internal Audit Management 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. These outcomes reflect the platform's ability to automate audit scheduling, workpaper management, finding documentation, and remediation tracking.

MetricStream Internal Audit Management uses AI to streamline issue management throughout the audit cycle. The AI engine recommends related and recurring issues from historical audit data, suggests issue classifications, and proposes appropriate remediation actions. This reduces the time auditors spend on manual issue triage and helps them identify systemic control weaknesses that may recur across multiple audits, enabling more targeted, value-added audit work.

MetricStream Financial Controls Management is a highly configurable product designed for financial controls professionals who need to manage control testing, certifications, and remediation across complex organizational structures. It supports the setup of a Financial Controls framework for each business unit, risk assessments, control testing and documentation, sub-certifications, and disclosures. According to customer data, it has delivered a 60% reduction in control testing time, 0% errors in certifications, and a 93% reduction in issue resolution time.

MetricStream Financial Controls Management allows organizations to plan and design control tests with defined owners, schedules, scope, and frequency. Control tests use a survey-like format that increases user engagement and supports bulk sample uploads via Excel. Testers, reviewers, and approvers can collaborate independently through the platform. Supporting documents and evidence of compliance are stored centrally in role-based landing pages, and control results can be reviewed quickly through upfront effectiveness summaries.

MetricStream Financial Controls Management supports the creation of certification plans, questionnaires, and schedules aligned to SOX requirements. A sub-certification report provides management with assurance that subordinate levels within the organization have performed their internal control duties, supporting the assertions required for SOX Section 302 and 404 compliance. AI-powered remediation capabilities help document control deficiencies, create action plans, and route them through approval workflows before disclosure.

MetricStream Internal Audit Management allows audit teams to conduct fieldwork through a structured, workpaper-based approach. Pre-audit surveys and document requests can be sent to auditees before fieldwork begins. During fieldwork, auditors record findings, observations, and recommendations in standardized workpaper formats, attach evidence, and cross-reference documents. An offline briefcase functionality allows audit work to continue without network access, with synchronization occurring when connectivity is restored.

MetricStream Internal Audit Management includes project and resource scheduling tools that allow audit managers to check auditor availability, resolve scheduling conflicts, and allocate appropriate personnel to each audit project. Time tracking is built into the platform, and Gantt Charts and Timesheet reports provide a comprehensive view of audit schedules and progress. This visibility allows audit management to optimize resource allocation and maintain consistent audit throughput.

MetricStream Internal Audit Management supports the transformation of internal audit from a compliance function to a strategic business advisor by aligning the audit plan to the organization's highest-risk areas, generating timely and reliable audit reports, and providing real-time risk awareness to executive leadership. Role-based dashboards give the board and C-suite a clear view of audit coverage, outstanding findings, and remediation progress, enabling them to make better-informed governance and risk management decisions.