Purpose of Audit Schedule

The primary role of an audit schedule is to prepare a detailed plan of the type and number of audits taking place, within a certain period(usually, a financial year). However, the purpose of audit schedules also extends to determining the need for audits and arranging the required resources in order to ensure that the audits could be carried out.

As stated before, the preparation of an audit schedule is the starting point of the audit process. It is important to ascertain the procedures or processes that should be in the schedule so that those could be included. Once the schedule is prepared, its implementation takes place, which is then followed by the review of the audit schedule. After the review, the audit schedule is upgraded and improved. Given the time, effort, and resources that go into the entire process of preparing an audit schedule, it is essential that the schedule is drafted carefully and properly. Only then it could be ensured that there are the least possible mistakes, and therefore, ultimately less time and resources are spent.

ERP solutions such as TRANS-series have proved to be a step in the right direction, as such technology-driven solutions have simplified the process to an immense degree, making it more cost-effective as well as less time-consuming.

Instead of depending upon the audit team for the preparation of the audit schedule, it is vital that the leadership or management of the enterprise proceeds to prepare the audit schedule, themselves. Why is that? Consider the following points:

• If the management chooses to not indulge in the preparation of the audit schedule, that would mean that the responsibility would fall on the audit team. It means that the entire process would end being a lot more expensive for the organisation. The more an enterprise is willing to pick up and share the workload of the auditor, the more cost-effective it would be for the enterprise. If the management proceeds to put together all the relevant schedules, including the audit schedule, then it would mean that the auditor’s involvement would be limited to just scrutinising the schedule. It is much more economical than putting the audit team in charge of the preparation of the audit schedule.
• Another reason why it makes sense for an organisation to prepare its own audit schedule is that organisations vary quite a bit in terms of their internal structure and operating models. And therefore, the audit schedule of one enterprise may differ a lot from another. In fact, there may be drastic differences between audit schedules from different departments within an enterprise. The management of an organisation is well aware of the nature and structure of the organisation and its various departments. Hence, they are in a better position to formulate a suitable audit schedule, in comparison to the audit team, who would prepare the schedule based on the common norms or frameworks adopted by the industry at large. It is hard for an external audit team to tailor its approach according to the specific nature of an organisation, and thus, it is better for the organisation to prepare it itself.

How ERP solutions are helping enterprises prepare audit schedules?

Currently, there are several ERP solutions that are assisting businesses to simplify their processes so that they can expand their operations around the globe. One such incredible ERP solution has been Japan’s Maritime ERP solution- TRANS-series. Built by AIS Maritime Solution Singapore Pvt. Ltd.(AISMSS), TRANS-series is a solution that works towards determining requirements for businesses. And this process of outlining requirements takes place through interviewing people and participating in system design and development, education, production assistance, operations, and maintenance in Singapore and Japan.