Modernizing Internal Audits: How a Global Audit Firm Embraced Automation

With the aim of modernizing its internal audit processes, a prominent international audit company embarked on a journey to embrace automation and establish a “Continuous mode” for its internal audit function. The company sought to leverage cutting-edge technology to streamline audit procedures and enhance the efficiency of its auditing processes.

The Results

On-time

50% - 70% Savings in time spent on data collection, control checks, and audit report generation

Continuous monitoring

100% Coverage of the audit control data through continuous monitoring

Customer Experience

96% Improvement in process efficiency, resulting in better auditor and customer satisfaction

RPA

Gartner prediction

Robotic Process Automation (RPA) can save Finance Departments 25,000 hours of avoidable work annually.

EIQ Features Used

The Challenge:
Achieving Comprehensive Automation without Expanding the Audit Team

The company faced the challenge of automating its internal audit function to achieve nearly 100% coverage without increasing the size of the audit team. Their goal was to maintain the highest standards of quality and accuracy while embracing innovation.

Our Solution:
Intelligent Automation Redefining Internal Auditing

Our innovative solution redefined the internal audit process for the client, introducing the groundbreaking concept of “Continuous mode.” The solution targeted key manual-intensive segments of the audit cycle, optimizing critical aspects such as audit planning, risk assessment, and audit reporting. This comprehensive approach spanned crucial domains including IT General Controls, Order to Cash, and Procure to Pay, positioning the company at the forefront of technological advancement in the auditing landscape.

An essential feature was the seamless integration of the Intelligent Automation solution with the company’s existing ERP, GRC, and CRM systems. This integration stimulated streamlined data management, facilitating real-time analysis and insights. The incorporation of cutting-edge technologies, such as document digitization and machine learning-driven predictive analytics, propelled the internal audit framework toward heightened accuracy and informed decision-making, enabling the company to adapt dynamically to evolving market demands.

With the power of data structuring and advanced “what-if” scenario analysis, our approach empowered the client to establish a resilient and future-ready auditing framework. This forward-thinking strategy emphasized the critical role of technology in driving efficiency, precision, and adaptability within the internal audit domain, marking a significant milestone in the company’s pursuit of continuous improvement and innovation.

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