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 are 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 Falcony. If you want to broaden your understanding with more theory, check our blog series about the VUCA framework.


We are building the world's first operational involvement platform. Our mission is to make the process of finding, sharing, fixing and learning from issues and observations as easy as thinking about them and as rewarding as being remembered for them.‍

By doing this, we are making work more meaningful for all parties involved.

More information at falcony.io.

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