Does your organization rely on tools that weren't purpose-built for the job, using cumbersome processes that work around their inadequacies? If so, your audit management practices are likely incomplete and inefficient, leaving you open to an unacceptable level of risk.
Using spreadsheets to store and analyze data, word processors to prepare audit reports and committee presentations, and email to communicate with stakeholders, is inefficient and ineffective. With a great deal of time, stress, and effort, it might get the job done, but there’s a better way.
Deploying purpose-built tools, internal auditors can independently assure operating efficiency, while meeting the standards of the Committee of Sponsoring Organizations (COSO) framework.
Over the last 30 years, we have successfully implemented thousands of automation projects for our clients. The City of Torrance was one such client; learn more about its audit automation project.
Accurate and timely reconciliations are a critical control function that should be in place in all organizations. Understand best practices related to account reconciliations and develop a clear plan for reviewing reconciliations.
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When does focusing on simple software solutions result in catastrophe? When simple becomes the objective. Instead, finance and budget professionals should focus on what they want to achieve while avoiding unnecessary complexity. Learn how to evaluate what is and is not necessary for real success.
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Continuous Controls Monitoring (CCM or sometimes Continuous Monitoring) provides a massive benefit to management AND simplifies the annual audit process.
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Finance professionals know the importance of strong internal controls for managing but overlook the opportunity to reduce audit fees.
READ MOREReady to eliminate mind-numbing, repetitive tasks? Talk to one of our experts to learn how much time and stress you can save.
