Optimising Your Processes and Tools for Greater Audit Efficiency
Simon Berglund
"Diligent sets the standard for modern governance with its feature rich GRC platform", including securing the highest possible score for Audit Management. (Forrester Wave)
Even though the goal of “doing more with less” applies to operations throughout an organisation, it’s particularly relevant for internal audit teams. As complex data analyses, performance monitoring and rising financial risk are increasing, time, budgets and personnel struggle to keep up.
Overcoming these obstacles is possible, however. It all starts with strategy — picking up the right tools, applied in the right ways at the right time. Read on to learn best practices for more efficient and effective audit operations, including ways technology can help.
6 Steps to More Efficient Underlying Processes
New innovations, especially automation and digital platforms, offer great promise for getting more audit activities done with fewer resources. They mean that you don’t need to sacrifice quality, accuracy or the ability to gain sharper insights and smarter decision-making.
Before bringing in any new system or software, however, take a good look at how your audit team currently does its work. Efficiency starts with people, and solid processes are the bedrock for any successful technology solution.?Even the most cutting-edge new tool will fail to be adopted if the practices it supports are inadequate, incomplete or inefficient.
As Diligent wrote in an earlier white paper on this subject: “Technology is key to success and critical to keeping pace. Yet adopting a modern audit infrastructure often requires a shift in perspective.”
Here’s a brief checklist to see if your audit department is ready to navigate that shift and find success with a technology solution.
Bringing Technology In to Help
Grounded in best practices and a fresh perspective, your organisation is now ready for the technology component of your strategy. Here’s how a tool like Diligent’s Audit Management solution helps drive increased process efficiency across multiple areas to help you get more done with less.
Centralising documentation: With an audit management solution, your team can maintain a centralised library that offers quick, easy access to past activities, reports, templates, matrices and documentation. A unified “source of truth” also keeps team members on the same page for faster audit processing, greater accuracy and an aggregated view of the organisation’s overall risk and control framework.
Streamlining communications: Say goodbye to the frustrations of cumbersome email chains, disconnected text messages and missed phone calls. An audit management solution enables you to set up automated, direct emails and reminders throughout the audit cycle that keep teams up to date and processes on track. Collaboration features like shared task lists and notes keep everyone working within the same system, thereby decreasing duplication. Solutions with mobile apps and offline modes give employees the ability to conduct fieldwork both offline and onsite, increasing productivity even more.
Simplifying and streamlining reporting: Manual report preparation is another task that keeps audit teams bogged down and away from more value-adding work. An audit management platform helps here as well. A centralised source of data enables teams to quickly and easily surface the data they need. Meanwhile, standardised templates and workflows, reusable risk and control matrices and one-click reports increase team capacity.
领英推荐
Optimising quality assurance: Manual work increases both audit processing time and the risk of errors. An automated audit management solution enables teams to work faster and with greater accuracy. Audit teams are also able to automate controls testing, scheduled follow-ups and reminders for remediation efforts. Such a solution also has a built-in record of all operations, further strengthening audit integrity.
Strengthening compliance and risk management: Some audit management solutions offer the ability to manage a Common Controls Framework. This enables internal audit departments to map controls between compliance, audit and risk teams, reducing overlap, saving time and freeing up leaders and staff alike to provide strategic insight and counsel.
An audit management platform’s centralised data, automated workflows and standardised templates all support compliance and risk management in many other ways, including:
As audit responsibilities continue to grow, technology will play an increasingly important role in managing requirements, maintaining a competitive edge and more.
Author note:
If you found this post helpful, please LIKE it.
If others would find it helpful, please?SHARE it.
If it triggers a thought, please COMMENT.
If you would like to be alerted to my future musings, please invite me to?CONNECT.