Today’s auditors and companies benefit from technological breakthroughs that automate tasks, streamline communications, and offer rich insights. However, before the use of new technology, those same audit processes were manual and inefficient. Learn how innovations transformed six key audit processes.
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Before |
After |
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Workflow management |
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Fragmented workflow management Auditors tracked large engagements with multiple parallel workflows using a patchwork of manual processes and disjointed tools. |
Digitized workflow Digital workflow and project management tools make it possible for audit teams to manage responsibilities real time with integrated solutions. |
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Knowledge management |
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Lack of in-depth understanding Prior to ubiquitous access to information on the internet and knowledge management solutions, finding relevant client, industry, or regulatory information was a time-consuming and manual effort. |
Access to knowledge The internet and the ability to corral industry, firm, and client information into a knowledge management system allows auditors to rapidly access knowledge about clients, their industries, and the regulations affecting them. |
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Evidence gathering |
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Manual information gathering Auditors requested and gathered information in multiple hard copy formats and communications, tracking all documentation via time-consuming manual processes. |
Cloud-based file sharing Cloud-based portals enable auditors to efficiently request, review, and collaborate on the vast amount of information, as well as track progress throughout the audit. |
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Account confirmation |
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Inefficient confirmation process Auditors sent confirmation requests to third parties using traditional postal services, a laborious and inefficient manual process. |
Digitized process using RPA Secure, automated communications and robotic process automation (RPA) help distribute confirmations and ingest information. |
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Collaboration |
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Disconnected collaboration When auditors visited clients in person, they couldn’t connect to a network and had to sync up work papers once reconnected at the office. |
Real-time collaboration Portable Wi-Fi routers, personal hot spots, and ubiquitous secure connectivity pave the way for centralized, real-time collaboration. |
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Data analysis |
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Limited data analysis Auditors could analyze only limited sets of data at one time, relying on samples for data analysis. |
Advanced data analysis With sophisticated data analytics and business intelligence software, auditors can examine large sets of data for deeper, richer insights. |
