Centralized and Paperless Audit Management Software Solution for Co-Operative Banks

Presented by

Hridayam Soft Solutions Pvt. Ltd.

Why audit is required ?

Systems and Procedures

•To identify whether the Systems & Procedures of the bank have been properly complied and implemented by the bank.

Deficiencies

•To perform substantive checking of various areas of the bank operations and to make adequate rectification of deficiencies in the earliest possible period.

Advisory

•To give advisory opinions to bank in areas such as taxation, financial analysis, etc., as and when it is necessary.

Standard Process of Audit

HO Defines Scope of

Audit

HO Assigns

Branches to

Auditors

Auditor starts filling up Audit Reports

Auditor or HO sends the report to

BM

BM Sends the Compliance to HO

Compliance Certificate issued to Branch BM Starts ComplianceHO Reviews compliance

3 Methods of Audit

Internal Team

•Some banks prefer to have their own teams for different types of Audit

External Auditors

•Some banks prefer to outsource the entire audit activity to C.A. firms.

Mix of Internal and External

Auditors•Some banks prefers to have their own teams for some audits and outsource few.

Why Computerization and Centralization is required ?

Description

Life of Paper Papers have limited life. This solution is a step towards “Paperless Operations”

Manpower Wastage The entire current process of Audit is time consuming. Movement of papers requires manual assistance.

Human Mistakes Currently there is a huge room for human mistakes & misinterpretation of directives given by management, since everything is done manually by many people.

One Click Availability of Records

With Audit Computerization, All audits records and reports becomes available with one click.

Real-time Monitoring

Unless the report is completed and sent to HO by auditors, management doesn’t have access to report. In case of computerized audits, management or HODs get real-time access. HODs or Administrators can keep a close watch on daily or hourly Audit related activities and progress.

Cost Saving – If the entire audit process is computerized, bank may save huge cost on Courier and copying ETC.

Process – With the change of audit staff or C.A. firms or staff of C.A. scope of audit should be changed.

Storage Space Lot of storage space is occupied by Audit files.

What are the options for Computerization and Centralization of Audits ?

In this

Complete Computerization of both i.e. Audit and Compliance with data

import option from other existing solution or files.

• All annexures are created by HO in web based solution while defining scope of audit

• While audit reports submission, auditors can enter data manually, plus he can import data / annexures from other data formats or files too.

• Once the report is submitted, it becomes accessible to Branches. Branches can start entering their compliance on the queries.

• Once compliance is submitted by branch, same becomes available to back office for acceptance.

Complete Computerization of both i.e. Audit and

Compliance

• All annexures are created by HO in web based solution while defining scope of audit

• During audit reports submission, auditors can enter data manually.

• Once the report is submitted, it becomes accessible to Branches. Branches can start entering their compliance on the queries.

• Once compliance is submitted by branch, the same is available to back office for acceptance.

Import of audit report and queries then compliance

through solution

• Scope of audit is defined by HO and team of internal or external auditors enters the reports in soft format ( not in the solution directly )

• After receipt of branch wise audit reports in soft format, HO imports the reports and queries into the solution.

• Once the report is imported, it becomes accessible to Branches. Branches can start entering their compliance on the queries.

• After submission of compliance by branch, same becomes available to back office for acceptance.

Frequently Asked Questions

Questions and answers

Q Where will be this solution installed ?

A Application will be installed on central server ( Intranet ), either in Bank’s data center or third party data center. No installation is required at branch or any other Dept. Users will get the access through any internet browser.

Q Can this solution connect directly to CBS and pull the data directly ?

A Yes it can pull the data from CBS if API is available but we won’t recommend the same. RBI has suggested to involve different personnel for routine operations and audit. We recommend to use completely different solution and platform for routine transactions and audit

Q Do every user or branch needs to maintain their own backups ?

A No, entire data is stored on central server. Nothing is kept on user’s system.

Q How many types of audit and annexures we can configure through this system ?

A There is no restriction on creating audit types, audits and annexures for each audit. Then, there is no limit for creating branches, users and roles of users. You can add any type of audit with its multiple annexures on your own at any time.

Q Can we monitor / Control multiple audit types / ongoing audits from single solution ?

A Yes, through well-designed dashboards, your administrators, Auditors HODs, Branch Managers and back office users can work/monitor or control multiple audits of multiple types through single login.

Q Will this solution affect my network or system speed ?

A No it’s a light weight application and hardly consumes network bandwidth. No speed loss is noticed so far

Additional Utilities

Utility Description

1 Common Calendar

All users will have access to a calendar which will store private, group and public events. Auditors can plan their visits to branch in advance and same will be visible to branch.

2 Internal Messaging

With this internal messaging system, all audit related people can exchange information through inbuilt mail solution without having or using their POP3 mail IDs

3 Chat All users works on a single platform. Users can chat with each other through the solution. Group chat and public chat options are also available.

4 File Attachment Pdf, word or excel files can be attached to specific audit report.

Basic Advantages of Paperless Centralized Audit Management Solution

Advantage

Details

1 Easy storage With a Computerized Audit Management system in place, all documents related to Audit can immediately be scanned and electronically stored, making it easy to send them electronically with Audit Reports to everyone who needs it.

2 Automatic Audit Trail

Increasingly, Co-Operative sector need to adhere to strict guidelines on compliance and need to store records for many years. With a Centralized Audit Management system, there are no limits to the amount of Audits and audit related documents you can store, and every Audit will have a unique number –automatically generating an audit trail.

3 Time savings It is no longer necessary to waste time looking for documents or waiting for couriers. Audit related searches can be done quickly and will give results in seconds.

4 Real-time Accessibility

Centralized Audit Management lets you create security settings and give all authorized users the ability to view the same Audit Report. This makes it easy when more than one user needs access to a single Audit Report.

5 Security A computerized Audit Management system stores the documents and Audit related data on secure servers in encrypted format. This means that only authorized users are able to retrieve the documents, making it more secure than paper, which could fall in the wrong hands.

6 Better customer service

A digital document management system allows you to access all customer data ( Loans or Deposits related ) , retrieving information such as specific or repeated queries becomes easy.

7 ROI Businesses do not need to spend a lot of capital in order to have a Computerized Audit Management system. There are cost effective choices that will allow you to see a return on investment in as little as 18 months.

8 Simplicity With a Computerized Audit Management System, you can simplify many Audit processes. Single login will provide access to multiple audits, depending upon role and rules created by Administrator.

Audit Administrator’s Dashboard

Thank YouHridayam Soft Solutions Pvt. Ltd

UG -144 Dreams The Mall,

Bhandup -West

Mumbai -400079

Telephone – 64567645(16 Lines )

Email – info@hridayamsoft.com Website – www.hridayamsoft.com