See the Tool in Action:
Read Our Tips to Improve Audit Effectiveness:
- RCompanies are continually striving to Optimise Processes, Add Value and Increase Competitiveness but Audits can be painful, resource intensive processes that can interrupt day to day productivity - or worse.
- R Thankfully new innovative technologies are available to help organizations stay on top of audits and gain value from them.
- R New digital Audit solutions are pouring in to what used to be a rather conservative area. These solutions improve information flows, and manage and enforce audit recommendations.
- R Efficient Audits are particularly important for businesses that have recently seen significant digitalization and need real-time reviews to meet regulations and have one version of the truth across their business.
Audits drive tangible value through insights
Deloitte’s Audit Value Survey uncovers some interesting statistics:
- \91% of audit committee members agree that audits provide valuable insights about what the business should do differently or better.
- \46% of C-suite executives and 62% of audit committee members say they would miss important information about market or industry insights, inefficiencies or risks if not for the audit.
- \79% of C-suite executives and 94% of audit committee members assert that simply by making audit findings from financial statements more transparent, they would improve their companies’ performance.
Key tips for effective Audits
In their Internal Audit report, Deloitte suggest some key improvement areas for Audit, that include:
- \Solve problems: Audit needs to be promoted as a problem solver rather than a nuisance.
- \Align: Audit must align with the organisation’s objectives.
- \Think different: Audit budgets aren’t likely to increase, so Audit must focus on delivering better and different - not necessarily more.
- \Foster trust: Audit must foster trust, and encourage teams to acknowledge and address issues.
- \Improve reporting: The best way to communicate key points clearly to stakeholders is through clear understandable and accurate reporting.
Our recommendations to bring efficiencies to your Audits
- 1. Stop manual processes. Paper, email and spreadsheets are at best inefficient, at worse error prone and unacceptable.
- 2. Have a stakeholder engagement plan. Identify your stakeholders, understand their objectives and talk to them in their language.
- 3. Link your activities to your organisation’s objectives. Understand your organisations objectives and explicitly link your activities to the company’s objectives.
- 4. Consider speclialized tools. A specialised Audit tool to manage your Audit process will save you time, trouble and money both in the long, and short term, and provide you with best practise templates and processes.
Growth of GRC solutions market
Modern technologies are racing to respond to the needs of management boards. MarketsandMarkets published a report about GRC (Governance, Risk, Compliance) automation tools. The market for these tools is set to double over the next few years from $31.5 billion in 2019 to $51.5 billion in 2024.
Considering an Audit tool? Here’s what to look for.
- ZBullet proof data management including automatically monitoring audit recommendations, collecting necessary data in one place, direct access to reports.
- ZConfigurable processes and workflows including automatic notifications at specified dates and events to streamline the process for both the auditor and the entities implementing the recommendations.
- ZClear evidence-based data and reporting to enable your organisation to make faster, accurate decisions.