With automation, technological advancements in Internal Audit (IA) are happening at a rapid pace, rendering time efficiency and cost-effectiveness to this vital Business process. Internal Audit groups, whether large or small, have already begun the journey into the world of automation by migrating from conventional methodologies to emerging technologies like Artificial Intelligence driven Analytics, robotics process automation/cognitive technologies, predictive analysis, Risk anticipation, and Agile Internal Audit cycles.
As the popularity of these friendly and affordable technologies increases, IA groups are starting to realize that automation can make their work more effective and efficient by improving audit coverage and automating many routine audit tasks. For instance, automating manual tasks, such as copy-pasting data between applications and cross-referencing data.
According to a recent study by a huge Consulting firm, there are varied challenges faced by IA groups in this world of automation. The first and foremost challenge is the absence of skills and talent. Secondly, insufficient budget, followed by limited advisory activities performed. These challenges and priorities can be overcome by Internal Audit Automation Solutions like ConfidentG Agile Audit application.
1. Advanced Analytics for real-time reporting to Audit Committees:
Advanced Analytics are the fundamental solution to more productive Audits, automated assurance and risk mitigation. ConfidentG Agile Audit application built on Cloud Platform – Salesforce.com, helps Internal Auditors leverage the power of AI-driven analytics for real-time reports and dashboards which are highly customizable as per Business requirements and use intuitive drag and drop functionalities which are easy to understand and use.
2. End to end Process Management for Agile Audit cycle:
The fresh approach of Agile Audit helps the team to enhance flexibility in audit planning, execution and reporting. ConfidentG Agile Audit Process helps you select business processes, control for validation and define testing methods. Moreover, it provides random sampling for testing and noting observation as well. All of these activities are integrated part of Agile Audit Process. End to end process management for Internal Audit processes has following significant benefits.
- Improvement in quality and consistency of the audit process
- Monitoring and tracking of an Audit cycle in real time
- Real-time collaboration between Internal and External teams
- Significant decrease in Audit planning time
- Well organized documentation and
- Real-time reporting to Audit committees
3. Time Efficiency and Cost-Effectiveness:
Automation significantly decreases the time spent on manual and repetitive tasks and hence creates a lot of time efficiency, which can then be utilized for stepping up Internal Audit processes and focusing on Organizational Risks and Compliance. Additionally, Organizations can easily integrate ConfidentG Agile Audit application in their existing system and deployment happens at a rapid pace.
Automation Technologies have the potential to boost process momentum, gain time efficiency and cost-effectiveness and empower skilled human professionals to generate more powerful insights. Internal Audit Automation Solutions like ConfidentG Governance as a Service® assist in measuring and improving your Audit life-cycle covering all the phases from Planning to Testing in International dynamic Environment with Agility, Scalability, and Transparency.
Visit us at our Appexchange listing today at https://cglabs.us/cg_products and get confident with your Governance initiatives.