Intro

Audit trails in financial industry

In the financial industry prioritizing of compliance, customer data and information security and a complete audit trail is necessary subject to regulatory audit and external reviews.

Audit trail in Healthcare

In healthcare protecting patient health information and when and how it can be disclosed is very important. This outlaws disclosure without the patient's knowledge.

Audit trail in manufacturing industry

In the manufacturing industry, an audit trail is crucial in quality control. Customers want to know that their suppliers are paying adequate attention to the goods being manufactured, thus keeping an eye on the production process is a very important and crucial part of manufacturing. 

Audit trail in construction industry

When handling projects whether big or small coordination with loads of documents and data shared, revised and updated. This involves a number of stakeholders from the architect to the engineers, the owner, the contractor, the subcontractors, the suppliers and the approval bodies. 

What are the Benefits of audit trail

Prevention of fraud

With audit trail companies have better control of the movement of information. Record keeping of audit trail flags any information inconsistencies within the company. It eliminates both internal fraud and external frauds 

Flawless audits

Annual external audits are usually done for publicly held companies by third parties, Audit trail eases the process due to a compliant and properly kept records. 

Increased efficiency

With audit trail retrieving information and making it accessible is made easier saving the business time and improving efficiency.

Disaster recovery

In case of a disaster or a crisis the audit trail will cover up, it would be a reliable record of the prior business activities, costs, expenses and income. It acts for you like an insurance that can help you recover from a rather helpless situation. 

Loan positioning and investment

An audit trail makes it easy to track your financials and determines their accuracy making it easy to establish if you are eligible for a loan or if you are investor friendly.

Meeting compliance requirements

To stay ahead with compliance, an audit trail ensures this happens. This can help you avoid potential loss of business, lost contracts and increased costs because of fines.

Maintaining audit trail

Putting up policies with regard to audit trail will be crucial to ensure that there is strict adherence to the process. 

Challenges in managing an audit trail

These can come in terms of storage size, location, accessibility and storage timelines. 

Can audit trail work in paper based processes?

Many businesses may keep a paper trail of all information and data. What if the paper document is misplaced or incorrectly kept. A detail missed can compromise the production or project or financial process depending on which process it is being applied. There maybe a failure to communicate, change orders or lose track of crucial documents.

Outro

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