SmartHubs Documentation

MicroAudit (Internal Audit)

Comprehensive guide to SmartHubs' flagship internal audit management solution.

Last updated: February 2026

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MicroAudit is SmartHubs' core solution designed for organizations that conduct internal audits. It provides end-to-end audit management from planning through reporting.

What is MicroAudit?

MicroAudit is a comprehensive internal audit management solution that helps organizations:

  • Plan and execute internal audits efficiently
  • Centralize audit evidence and documentation
  • Document findings and develop recommendations
  • Generate professional, board-ready audit reports
  • Collaborate with internal and external stakeholders
  • Meet audit standards and regulatory requirements

Key Features

Audit Planning & Scoping

Define your audit scope, objectives, and procedures with guided planning templates.

  • Risk-based audit planning
  • Control objectives definition
  • Procedure development and assignment
  • Timeline and resource planning
  • Stakeholder identification

Audit Execution

Execute your audit procedures and manage the testing process.

  • Procedure-based execution workflow
  • Evidence collection and organization
  • Testing and sampling tools
  • Control testing documentation
  • Real-time progress tracking
  • Team task management

Evidence Management

Centralize and organize all audit evidence in one secure location.

  • Central evidence repository
  • Evidence linking to procedures
  • Version control and history
  • Document annotations and collaboration
  • Evidence indexing and search
  • Audit trail tracking

Finding & Observation Management

Document audit observations and findings with full context.

  • Structured finding templates
  • Severity classification
  • Root cause analysis documentation
  • Recommendation development
  • Management response capture
  • Finding approval workflows

Report Generation

Generate professional audit reports automatically from your audit data.

  • Automated report compilation
  • Customizable report templates
  • Executive summary generation
  • Finding prioritization and ranking
  • Multiple export formats (PDF, Word, Excel)
  • Secure report distribution

Audit Workflow Phases

Phase 1: Planning

Activities:

  • Define audit scope and objectives
  • Identify key risks and processes to audit
  • Create or customize audit procedures
  • Define control objectives
  • Determine audit timeline and resource needs
  • Establish audit team and roles

Typical Duration: 2-4 weeks

Phase 2: Execution

Activities:

  • Conduct control testing per procedures
  • Gather and organize evidence
  • Document observations and deviations
  • Perform sampling and analysis
  • Conduct interviews and walkthroughs
  • Track progress and adjust timeline as needed

Typical Duration: 4-12 weeks

Phase 3: Finding & Reporting

Activities:

  • Analyze testing results
  • Document findings and observations
  • Assess impact and significance
  • Develop recommendations
  • Request management responses
  • Generate audit report
  • Obtain approval and distribute report

Typical Duration: 2-4 weeks

Phase 4: Follow-up (Optional)

Activities:

  • Track remediation actions (ARMS module)
  • Monitor remediation progress
  • Test effectiveness of remediation
  • Update finding status to "Closed"

Note: Use ARMS for comprehensive remediation tracking

Best Practices for MicroAudit

Risk-Based Approach

Focus your audit scope and procedures on the highest-risk areas.

Clear Objectives

Define SMART objectives for each audit to ensure focused testing.

Comprehensive Evidence

Gather sufficient, relevant evidence to support your conclusions.

Timely Communication

Discuss findings with management promptly for better buy-in.

Quality Review

Implement review procedures to ensure audit quality and consistency.

Documentation

Maintain complete audit documentation for regulatory compliance.

Integration with Other Solutions

MicroAudit integrates seamlessly with other SmartHubs solutions:

  • ARMS: Track remediation of findings identified in MicroAudit audits
  • MicroGRC: Map audit scope to risks and controls for more comprehensive coverage
  • Custom Integrations: Connect with your other business systems via API

Common Audit Types

Financial Controls Audit

Focus: Transaction processing, reconciliations, authorization controls, financial reporting

IT Systems Audit

Focus: System access controls, security, change management, disaster recovery, backup procedures

Operational Audit

Focus: Process efficiency, resource utilization, compliance with policies, operational effectiveness

Compliance Audit

Focus: Regulatory compliance, policy adherence, control design and effectiveness

IT Security Audit

Focus: Data security, access management, encryption, vulnerability management, security policies

Procurement Audit

Focus: Procurement processes, vendor management, contract compliance, competitive bidding

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Ready to start using MicroAudit? Check out our Creating Audit Projects guide.

Need help? Contact our support team