RISK
GUIDE · RISK-BASED AUDITING
Building an audit plan that follows the risks, not just the calendar.
How to connect risk assessment, priorities, and audit coverage.
THE FUTURE OF INTERNAL AUDIT
Audit with clarity.
Lead with confidence.
One connected platform to transform how your organization assesses risk, plans audits, executes engagements, reports findings, and drives meaningful action.
Purpose-built for internal audit teams, audit leaders, and enterprise governance.
COVAC · Executive Overview
◫ Overview
◇ Audit Universe
▦ Risk Assessment
▤ Audit Plan
☷ Engagements
◎ Observations
▥ Reports
Audit OverviewExecutive dashboard · Illustration
Audit engagements24Illustrative data
Open observations18Illustrative data
Plan completion76%Illustrative data
Audit activity by period
Risk distribution
Connected audit intelligence● From planning to follow-up
Built around the realities of internal audit
Risk-based planning End-to-end traceability Structured approvals Enterprise-ready access
ONE CONNECTED PLATFORM
Every audit process connected. Every decision better informed.
Disconnected spreadsheets, scattered evidence, and fragmented reporting slow down the work that matters. COVAC brings your internal audit operation into one structured, transparent environment.
01 / RISK INTELLIGENCE
See the risks that matter before they become issues.
Build a structured audit universe, document business objectives, evaluate inherent and residual risks, and connect controls to the areas that demand your attention.
↗ Risk assessment linked to auditable entities
↗ Control design and effectiveness evaluations
↗ Clearer prioritization for annual planning
Explore risk assessment ↗Risk assessment · Product illustration
Risk Heatmap Impact →
● Low risk● Moderate● High risk
Residual Risk Assessment
Financial reportingHigh priorityHigh
ProcurementReview dueMedium
FROM STRATEGY TO ACTION
The complete internal audit lifecycle, in one place.
Move seamlessly from defining what to audit to ensuring that management actions are implemented. Each stage builds on the last, preserving context, evidence, accountability, and oversight.
01
Audit UniverseMap entities, processes, objectives, and audit coverage.02
Risk AssessmentEvaluate risk exposure and control effectiveness.03
Audit PlanningPrioritize, schedule, and approve audit activities.04
FieldworkManage procedures, evidence, reviews, and workpapers.05
ReportingDevelop findings and communicate actionable insights.06
Follow-upTrack remediation, ownership, deadlines, and closure.Audit planning · Product illustration
Annual Audit Plan ● Timeline
EngagementTimelineStatus
Procurement Audit
In progress
IT Governance
Scheduled
Financial Controls
In progress
HR & Payroll
Scheduled
Planning visibility
76%Illustrative progress
02 / AUDIT PLANNING
Turn risk priorities into an executable audit plan.
Translate risk insights into a practical audit plan with clear scope, expected durations, responsibilities, approval workflows, and progress visibility.
↗ Risk-informed audit selection
↗ Engagement scheduling and plan oversight
↗ Structured review and approval
See planning in action ↗COVAC INTELLIGENCE
Built for auditors. Enhanced by intelligent assistance.
Support your team's professional judgment with AI-assisted drafting and structured suggestions across audit activities. Keep reviewers in control of every decision.
Explore COVAC AI ↗✦ COVAC AI Assistant Illustrative conversation
Suggest audit procedures for procurement vendor onboarding.
✦ Suggested audit approach
1. Review vendor onboarding policies and approval thresholds.
2. Test a sample of vendor master records for supporting documentation.
3. Verify segregation of duties between vendor creation and payment authorization.
Review and adapt recommendations to your audit context.
1. Review vendor onboarding policies and approval thresholds.
2. Test a sample of vendor master records for supporting documentation.
3. Verify segregation of duties between vendor creation and payment authorization.
Review and adapt recommendations to your audit context.
Ask about risks, controls, or procedures... ↗
✧
Risk & control suggestions
Help structure initial risk and control considerations for audit teams.
⌘
Audit procedure support
Draft starting points for test procedures and engagement planning.
◎
Human-led decisions
Auditors remain responsible for validation, evidence, and conclusions.
03 / EXECUTION & EVIDENCE
Fieldwork that moves forward without losing control.
Bring procedures, working papers, evidence, review notes, and engagement responsibilities into one collaborative workflow. Make audit progress visible without compromising rigor.
↗ Assigned procedures and working papers
↗ Evidence and sample documentation
↗ Preparer, reviewer, and approver workflows
Engagement workspace · Product illustration
Procurement Engagement In progress
Audit procedureAssigned toReview
Vendor onboardingAudit TeamReviewed
Purchase approvalsAudit TeamPending
Three-way matchingAudit TeamReviewed
Evidence & workpapers
▤Vendor control test
Evidence linked to procedure✓
Evidence linked to procedure✓
BUILT FOR ENTERPRISE CONFIDENCE
Governance, security, and accountability by design.
Internal audit depends on trust. COVAC supports controlled access, structured responsibilities, activity traceability, and deployment options suited to organizational requirements.
↗ Role-based access and separation of duties
↗ Microsoft Entra ID SSO integration
↗ Audit trails and controlled review workflows
↗ Cloud and on-premises deployment options
Discuss security requirements ↗Designed to support the accountability that internal audit demands.SECURITY & GOVERNANCE
Observations and follow-up · Product illustration
Observation Management
FindingOwnerPriority
Access review gapsIT DepartmentHigh
Vendor due diligenceProcurementMedium
Policy exceptionsOperationsHigh
Remediation follow-up
Management action progress
Track owners, target dates, and follow-up reviews
04 / OBSERVATIONS & FOLLOW-UP
From findings to actions. From actions to impact.
Capture observations with clear risk, root cause, recommendations, and management responses. Follow remediation through assigned ownership, due dates, escalation, and closure.
↗ Structured observation documentation
↗ Management responses and action owners
↗ Follow-up status and accountability
PERSPECTIVES FOR AUDIT LEADERS
Think beyond the checklist.
Explore the ideas, methods, and practices that help internal audit teams become more strategic, responsive, and effective.
AI
INSIGHT · AUDIT INNOVATION
Where AI can assist internal auditors—and where judgment matters.
A practical perspective on responsible AI-assisted audit workflows.
GRC
GUIDE · AUDIT OPERATIONS
Turning audit observations into measurable management action.
Strengthen ownership, remediation tracking, and reporting.
Editorial topics shown as content concepts; publication links will be added when articles are ready.
READY TO SEE WHAT'S POSSIBLE?