The internal audit team and compliance functions benefit from the following AFRM® features:
INTEGRATED APPROACH – Compliance should not be an after thought. Compliance can and should be a value added activity which is integrated into the financial close and reporting function, without significant additional efforts.
AFRM® is a first and very big step towards making compliance an integrated part of the financial reporting process.
Ability to create programs linked and derived from the actual performance of the work. You can define detailed program steps, attached templates which may be useful in performing the task, assign a preparer, reviewer and additional reviewer, if necessary.
Performance of the testing work is triggered when the work is completed and can be scheduled to fit the timing and workload of the organization.
All compliance work is contained in the same workspace as the evidence of completion; therefore much of the validation is virtually automated.
Ease of use and repetition features such as the ability to use or re-use the program for any segment of your organization and the ability to link testing to the actual file, task or journal entry used in the monthly, quarterly or annual accounting close make compliance an extension of the performance, not an additional process.
The cloud model means that AFRM® and all the evidence of completing the activity and everything required to do compliance testing is available anywhere you have internet access. Compliance work and the review and monitoring of the compliance work can be done real-time from anywhere.