4 Goals to be Reached by Using Data & Analytics in Auditing

Every company does internal auditing in one way or another. And corrective actions on the findings ar always taken care of. However, not every company stores the data gathered on the field and analyses it in a systematic fashion.

As a result, companies are implementing continuous auditing (CA) techniques to fully utilise the data analytics software tools out there. These tools cut the costs of continuous auditing, shorten the cycle between audits, and enable preventative actions to be taken, instead of reactive actions after a traditional audit.

Here are 4 goals that can be achieved by utilising the latest technology to help Internal Auditors and Management to be more efficient:

  1. Risk Management is easier and more efficient
  2. Cost Reductions in actual Audits, but also through preventative measures
  3. Performance Improvements through streamlining processes and clearer visibility
  4. Value Creation by spotting trends and gaining insights for strategic decision-making

Furthermore, there are two other drivers to adapt CA techniques and agile software, that lives, breathes and grows within your company:

  1. the ever-changing regulatory landscape, and
  2. an increasing stakeholder demands to

    • improve governance capabilities
    • enhance oversight and transparency
    • manage risk while driving performance and profitability

Choosing the right software partner will enable and support the organisation to concentrate on the change in auditing and monitoring procedures, not hinder it with yet another software project that takes years and millions of pounds.

The marketplace is flooded with SaaS solutions that will cut to the chase and enable an agile approach to achieve the goals mentioned. If you are interested in our approach, meet audits.io and incy.io. If you want to broaden your understanding with more theory, check our blog series about the VUCA framework.

For a real life example of how audits.io helped a company optimise their auditing processes, get the Fortum Case Study:

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We're a tech company with a passion for helping our customers adapt to the fast changing VUCA world. We're doing that by developing easy-to-use SaaS products that make gathering, managing and analysing field information as easy as possible for the end users. Remove gatekeepers, go horizontal and learn from your mistakes before they actually happen. More info at planbrothers.io.

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Anthony Jones

Chief Operating Officer