Nextera Trace
Internal audit
Runs the internal audit cycle: audit universe, risk-based annual plan, fieldwork and working papers, findings and follow-up to closure.
Built for: Heads of internal audit and their teams and audit committees
What it does
- Audit universe
- Keep the full list of auditable entities and processes, with the risks attached to each.
- Annual plan
- Build the annual audit plan from the audit universe, ranked by risk.
- Fieldwork
- Run each engagement in one place: scope, fieldwork, working papers and evidence.
- Findings
- Record findings, rate them and agree recommendations with management.
- Follow-up
- Track each agreed action with its owner and due date until it’s closed.
- Reporting
- Produce engagement reports and audit committee reports from the same records.
How it works
Map the audit universe
List everything that could be audited, with the risks attached to each area.
Plan by risk
Build the annual audit plan from those risks and assign the team.
Do the fieldwork
Keep working papers, tests and evidence with each engagement.
Follow up to closure
Agree actions with management and track each finding until it’s closed.
Stock count differences
- Rating
- Medium
- Agreed action
- Monthly cycle counts in both warehouses
- Owner
- Warehouse manager
- Due
- 30 June
Status
- Open
- In progress
- Closed
Common questions
Does Trace cover the whole audit cycle?
Yes. It runs from the audit universe and the annual plan through fieldwork, findings and recommendations to follow-up and closure.
How are agreed actions followed up?
Each recommendation becomes an action with an owner and a due date. Its status is always visible, rather than pieced together at the next audit.
Where does the annual plan come from?
From the audit universe, ranked by risk, so you can show why each area is in the plan.
What does setting up Trace involve?
We build your audit universe from your current plan and risk assessment, set up your rating scale and report templates, then train your team and switch over.
Further reading
- 1 min readAudit Management Software: Automating Internal AuditGuide to audit management software for internal audit teams. Learn how technology streamlines audit planning, execution, reporting, and follow-up for Indonesian companies.
- 2 min readInternal Audit Best Practices: IIA Standards & Methodology for IndonesiaGuide to internal audit best practices following IIA standards. Learn about risk-based auditing, quality assurance, and how technology supports modern audit methodology.
- 1 min readAudit Trail & Working Paper Documentation: Best Practices for Digital Audit FilesGuide to audit trail documentation and digital working papers. Learn about structured audit evidence management and working paper organization best practices.
Related products
- Internal control over financial reporting (ICoFR)Nextera GuardKeeps your financial-reporting controls in one library and runs the ICoFR cycle: assessment, testing, evidence, deficiencies and remediation.See Nextera Guard
- Lease accounting (PSAK 116)Nextera AccordClassifies each lease, calculates right-of-use assets and lease liabilities, remeasures them when terms change and produces the PSAK 116 disclosures.See Nextera Accord
Ask for a Nextera Trace demo
Tell us the size of your audit team and how you plan and track audits today.