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Symbiant Tracker is a recommendations issues and action tracking database solution. It sits on a corporate intranet or the internet and is managed by the Internal Audit department. The key feature of this tool is that, unlike many recommendations - action tracking tools, it is designed to be accessed and updated by the auditees, who have been assigned the recommendation in the process of agreeing the internal audit report. Being intranet or internet based, auditees can easily be given access to the recommendations relating to them. At any point in time, the database therefore holds the latest update on the implementation of each recommendation.
Why Do You Need Symbiant Tracker?
Internal Audit departments main product is an audit report, or rather a series of audit reports, one for each internal audit they perform within a business each year. These reports contain recommendations relating to the weaknesses that they have found in the part of the business they were auditing.When these recommendations are implemented, the weaknesses should be resolved and any risks managed. If the recommendations are implemented it gives assurance to a company’s management that weaknesses in the operation have been addressed. If recommendations are not implemented then the internal audit effort has been a waste of time.
Internal Audit usually (or should) report to the Audit Committee (sub-committee of the Board, chaired by a non-executive director) once or twice a year on how far and how well recommendations have been implemented and they usually do this by running around in the days before the Committee meeting trying to find out what has been happening.
The new Combined Code for stock-exchange listed companies requires audit committees to assess the effectiveness of internal audit departments on a regular basis and one of the key things in this evaluation will be how many recommendations made have actually been implemented.
Tracker gives a unique approach which is:-
- Intranet or internet based to allow ease of aggregation and reporting
- It puts the onus on the person to whom the action is assigned to report on where they are at with the recommendation – i.e. it introduces ownership for resolving weaknesses and raises the profile of these issues.
It should also be noted that companies that have to comply with the US requirement known as Sarbanes-Oxley will also find Symbiant Tracker useful to track remediation issues. As well as PLCs, Public Sector organisations in the UK will find Symbiant Tracker useful for tracking Internal Audit recommendations
. It could also be used for tracking recommendations from health & safety checks for example.
Symbiant Tracker is currently being used by KPMG, Lloyds of London, Kings College and Avis. If you are interested in trying Symbiant Tracker and would like a free trial period to use it please contact us.