The Next Corporate Audit; Ace
Till the last decade, audits were not really welcomed especially in the area of accounts payable. Whether it was your accounting firm, internal team or it is your bank doing the audit, one knew that in addition to the regular job, one would have to add in extra hours in searching through piles of boxes or calling up files from the data warehouse to give auditors the documents that they wanted to see in the time the audit lasted.
Cloud technology makes audit not seem such a big deal. This helps in electronic payments and procure-to-pay automation thus making it a good thing. While many companies primarily automate in streamlining accounts payable and procurement, easier and better audits turn out to be ideal and unanticipated benefits. With the cloud solutions today, one may just give auditors a log in and the password and have them retrieve all reports that they need. They do not even have to come over to your office. They can access invoices, contracts, remittance data and payments.
There is a lot of data available and it is a lot easier to obtain such that they can spend a lot of time analyzing it instead of stalking for data. When working with people who are smart and who audit many businesses, one is likely to obtain valuable recommendations and insights from the process.
Indeed, auditors now prefer electronic records. The auditing business has become strategic and as organizations seek in differentiating themselves on capabilities that are specialized, the ability to get their eyes on all the information they want frees them in looking for new ways of adding value.
This is a major move from the manner that audit was. Some years back, the Big Eight firms enjoyed monopoly of doing all the audit work. The focus at that time was mainly on ensuring that companies were following all the regulations and rules. The work was costly and most of the reason was the time taken to manually mine the information.
What is supporting the new breed of auditors is the predominance of the cloud based solutions. All information that is needed to hunt for is readily available in the cloud for not less than seven years or longer as one desire. The beauty about this is that besides identifying problems in your firm, solutions are also offered.
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- FRC Hands KPMG a £5m Fine over Co-Operative Bank’s Audit Failings
- IAASB Consults on Simplifying Auditing Standards for Small Entities with Less Complexities
- Anglo American Replaces Deloitte with PwC as its External Auditor