Laser Audit Reporting System - LARS

Internal audit management within the Laser GRC suite

Laser Audit Reporting System, known as LARS, is a web-based application for managing the whole internal audit cycle. It belongs to the Laser GRC suite built by Etrends, which the company calls a trusted provider in governance, risk and compliance. LARS is meant to give internal audit a systematic, disciplined and uniform process, and it is aligned with the Institute of Internal Auditors' standards.

What the audit team does in it

Auditors use the system to plan annual audits, schedule them, view audit programs, write work papers and findings, and track observations through to resolution. Audit files are kept in one place so that they can be shared with auditors easily. The company describes structured workflows, automated follow-ups and transparent reporting that give oversight of the audit, and it promises that audits become more efficient, accurate and compliant, leaving the team more time for other work.

The rest of the suite

LARS sits next to four other Laser products: the Laser Enterprise Risk Management System, the Laser Legal Compliance System, the Laser Internal Controls Manager and the Laser Application To Manage POSH. The suite is presented as a set of intuitive, flexible, enterprise-level web applications that organizations in India and abroad have tried and tested. Each can be deployed on its own or combined within one central GRC platform. Etrends says the products help different departments pull toward shared goals and to identify, understand, measure and manage risks across the organization as a whole. Customers are offered solutions tailored to their needs and technical support after the sale.

Laser AI and the platform claims

The Laser GRC site now describes Laser AI, an assistant that learns from a customer's environment and earlier work, adapts to the way teams operate, simplifies reviews and brings insights to the surface at once. Around it the platform promotes dashboards and detailed reports for governance, risk and compliance decisions, automated compliance checks, real-time monitoring and detailed audit trails. The company also cites customer results, among them faster audit review and resolution, better risk identification, fewer non-compliance incidents and improved efficiency of internal controls.

Laser Audit Reporting System, known as LARS, manages internal audits from planning to reporting. It belongs to the Laser GRC suite, developed by Etrends. The web-based tool follows the standards of the Institute of Internal Auditors.

What LARS offers

• Audit planning: annual audit plans and schedules.
• Audit programmes: programmes that auditors can view and follow.
• Work papers and findings: records created and kept inside the system.
• Observation tracking: follow-up on what audits turn up.
• File sharing: all audit files in one place, shared easily with auditors.

Clients

Organisations that need a consistent internal audit process, and governance teams in larger enterprises. The suite is described as used by organisations in India and abroad. Other products in the Laser suite cover enterprise risk, legal compliance, internal controls and workplace harassment case handling.

Key facts

• Developer: Etrends
• Suite: Laser GRC
• Delivery: web-based
• Standards: Institute of Internal Auditors