Wolters Kluwer has unveiled two enhancements to its TeamMate+ audit management platform, namely Multi-Year Audit Planning and the Business Rules Engine.
These additions are designed to assist internal audit teams in streamlining their planning processes, ensuring data accuracy, and bolstering governance mechanisms.
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Multi-Year Audit Planning is a tool that automates and optimises the audit planning process.
The company claims the tool to be beneficial for leaders in highly regulated industries, providing a reliable and efficient way to manage audits over multiple periods.
By using organisational data within TeamMate+, audit professionals can forecast audit schedules while retaining the flexibility to adjust based on professional judgment and document their reasoning.
The Business Rules Engine is another feature that offers in-context guidance to end-users.
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By GlobalDataIt ensures adherence to organisational standards, mitigates data inconsistencies, and reduces the need for reactive quality checks.
This functionality maintains data integrity throughout the audit cycle.
The no-code utility within the Business Rules Engine allows professional practice and quality assurance teams to easily deploy, maintain, and update organisational rules as necessary.
Wolters Kluwer Audit & Assurance Product Management director Charlene Noll said: “Multi-Year Audit Planning and Business Rules Engine empower teams to better navigate complex regulatory environments, maximise resource efficiency, and uphold high standards of data governance.
“These enhancements are designed to provide audit leaders with the tools they need to make informed, strategic decisions in a timely manner.”
These newly launched capabilities are now accessible through the TeamMate+ platform, which is operational in 150 countries and available in 19 languages.
In November 2024, Wolters Kluwer collaborated with the Institute of Internal Auditors’ Internal Audit Foundation on a research report titled ‘Harnessing Generative AI for Internal Audit Activities’.
The report delves into the application, implementation, and governance of generative AI within organisations and their internal audit functions.
