The importance of Audit Automation and the utilization of Information Technology in modern Audits have grown significantly in recent years due to both, Technological advancements and changing Regulatory environment. There is a notable inconsistency between Organization’s priority Risk areas and where Internal Audit focuses its time. Chief Audit Executives should therefore re-evaluate with their Audit Committees and Boards whether Internal Audit function is being used effectively to deliver sound Risk-based assurance.
Automating Internal audit can help Organization with Integrating governance, risk and controls throughout the automation program life cycle and Capitalizing on intelligent Automation innovations to increase the efficiency and effectiveness of the function. True risk-based Auditing is not only about correctly identifying an Organization’s biggest risks, but balancing time and resources effectively.
Embracing Emerging Technologies like Big Data Analytics and Automation can level up Internal Audit function by following ways
It increases productivity, as it makes data and information easier and quicker to find, as compared to the conventional Spreadsheets which are disparate, decentralized and tedious to maintain.
It can improve the quality of the audit by identifying and tracking Risk at each phase of the Audit cycle. Additionally, the integrated document management features make it easier to maintain, track and share Audit documentation.
The most important feature here is the ability to Report to the Audit Committee in real time on any device, anywhere and at any time. Audit Automation tools built on Cloud Computing platform like Salesforce.com, leverages the power of Artificial Intelligence driven Analytics to build Reports and Dashboards which are customizable to any Reporting requirements. This is a winning aspect for the Millennial Auditors, as it gives the ability to access and present the Reports and Dashboards at the right time without creating tedious powerpoint presentations or excel files.
Another important feature that Automation offers is the ability to collaborate Internally with teams and with External Audit teams in real time, stay connected, post and see updates as well as share files and documents with full version control.
All of these result in a significant time efficiency and cost effectiveness. Forward-thinking Internal Audit functions seek not only to provide assurance and advice, and to apply digital technologies, but also to anticipate issues and risks associated with those technologies. Intelligent automation innovations have the transformational potential to increase speed, operational efficiency, cost-effectiveness, control, and accuracy of daily business activities, and to empower skilled human professionals to generate more impactful insights, enabling smarter decisions more quickly.
So let’s embrace Automation, Agility, Innovation and Artificial Intelligence for Internal Audit efficiency for 2019 and beyond.
Visit our Appexchange listing for more details on our innovative Product Suite