INTEGRATING DATA ANALYSIS TECHNOLOGY INTO THE AUDIT SOLUTION
An important part of the work of an auditor is to understand and analyze risk and control data to discern and opine on the risk profile. Data analysis is traditionally seen as a separate activity; done ad-hoc, inconsistent, or conducted by experts with advanced toolsets. BWise has created a better way. One where technology should facilitate a more efficient way of working by integrating data analysis into the audit and into the area of Governance, Risk Management, and Compliance (GRC).
BWise Audit Analytics, which is an add-on to the Internal Audit software solution, makes integrating and analyzing data easy. The solution is able to securely and seamlessly plug into the organization’s data sources such as SAP and Oracle. For example, one way this can be done is by exporting data to a secure flash drive/memory stick; eliminating the need for a live connection. Also, if needed, BWise has preconfigured templates, including segregation of duties, which can be used as a basis for analysis. There is also the ability for users to create and edit their own rules to analyze data. This creates enormous flexibility for the auditor to configure the audit to the organization’s unique business and operating model. Any analysis performed during the audit can be documented in the auditor’s work papers and then synchronized with the overall audit.
BENEFITS OF AUDIT ANALYTICS
- Centralized creation of rules and decentralized usage of rules facilitates a broader use of advanced data analysis capabilities
- The integration into work papers reduces audit effort, mistakes, removes the pain of integration (and copy-paste), and inefficient reporting
- Links to broader risk management and compliance data facilitates the creation of audit rules that can be used in continuous monitoring
- Can provide both consistency and flexibility to determine and substantiate audit findings
- Substantiates business and control improvements
- Validates and provides insight into budgeting and allocation of capital
- Faster and better decision making
Brochure - BWise® Internal Audit: Internal Audit in Control with State-of-the-Art Governance, Risk Management, and Compliance Software
Case Study – Southern Company optimized its Internal Control process to achieve streamlined SOX compliance.
Case Study – Alghanim enhanced its audit work paper management, workflows and processes and achieved better visibility and oversight using BWise.