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An energy audit is an inspection, survey and analysis of energy flows for energy conservation in a building, process or system to reduce the amount of energy input into the system without negatively affecting the output(s).
In audit management, a process audit is an audit of a business process to ensure it is effectively conforming to the expected standards. [ 1 ] [ 2 ] Process audits are currently not widely used.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. [1]
Audit management helps simplify and well-organise the workflow and collaboration process of compiling audits. Most audit teams heavily rely on email and shared drive for sharing information with each other. Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel.
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Blockchain is a decentralized, distributed ledger, which makes it reliable and nearly impossible to be breached. Blockchain is also able to verify the authenticity of transactions in real time, giving it the ability to alert necessary parties for fraud. This helps improve the audit process and the accuracy of the audit.
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