In order to determine whether the records and processes are accurate and adequate, an ERP audit is undertaken. A careful, independent and unbiased audit report is submitted by Prudence that identifies high-risk areas. We provide audit services backed by years of experience and expertise that help you mitigate risks and prepare contingency plans.
Either an internal or external audit is undertaken to establish if document procedures exist and whether these documented procedures are being followed.
A process can be accompanied with an audit. For instance, let’s look at the purchase order processes. A business probably has levels of authority to authorize spending. A level one buyer might be authorized to make purchases up to $2,500 and a CEO might have an upper limit of $250,000. The vital question to ask here is whether these levels of authorization are set for any purchase order within ERP
Business financial statements are yielded by several transactions that can be found in an ERP system. Our risk audit starts from bottom up, beginning with individual transactions then ensuring whether there are appropriate controls over transactions, identifying who is allowed to enter a transaction and finally assessing potential risk. Prudence understands that it is critical to understand the potential risks that could potentially impact the integrity and reliability of financial transactions and data flowing through your company’s ERP systems.
The right hardware and network also play a vital role in an ERP system. This is an audit from a systems perspective.
We cannot stress how important a security audit is. Prudence Audit Services help you find areas for improvement by examining user access to system data and the limits set. Financial records are handled by accounts, numbers and bills of material can be owned by engineers and other users can only view engineering records.
Assessing security risk for ERP data used via mobile networks is also important as accessing ERP data through a smartphone can open the system to various security risks that can bypass the firewall. It is extremely important to protect your ERP data from being breached.
Overproduction, Inventory Waiting, slow processes due to inadequate infrastructure or fewer user licenses, unnecessary inventory are waste items that can be eradicated using Prudence ERP waste audit services.
The purpose of an audit is to detect gaps, faults, risks and waste that need to be corrected. The entire exercise should lead to action. Without a consequential action, the audit exercise would be of waste if the issues are not corrected and can make the ERP system fallible. Prudence ERP Consultants can identify and fix small-large gaps in your ERP system. Contact us to know more!