5 Steps To Lowering Financial auditing Costs (Part2) - Acting As A Maturity Model For Your Organization
July 12, 2022
In part one of this blog series, we shared initial steps for improving the efficiency of intricate financial auditing processes while reducing cost. Step one was to organize data and processes without any bottlenecks. In step two, we saw how economization ensures cost efficiency via data standardization.
This blog will focus on the remaining steps to minimize audit costs. Ultimately, for enterprises to cut down financial expenses, it makes sense to do a complete transformation of processes through the following steps of the maturity model.
Step 3: Scrutinize opportunities for continuous monitoring (CM) /continuous auditing (CA)
The scrutinize step in this process allows you to build on the improvements uncovered in the previous steps. For instance, perhaps a group of systems are involved with initial improvements made, such as implementing a content system and custom data. But modernizing additional business systems that are hard to automate can further help in continuous monitoring and auditing. Examples include a Microsoft Excel spreadsheet, a web interface that doesn’t have an API, or a mainframe system that is hard to update in real-time.
Robotic Process Automation (RPA) is becoming vital in auditing to help extend automation capabilities to these more challenging environments. Look for a tool that has powerful capabilities to integrate with systems that do not have an API and even integratewith the mainframe. It is also important that RPA be wrapped in a workflow system that can be tailored to your users and business. This ensures even the most difficult-to-automate systems are continuously monitored and audited.
Step 4: Revitalize your data by improving internal processes
Next, I recommend that you revitalize internal processes by connecting your auditing effort with broader data quality needs. For a small incremental investment, the capabilities described in the scrutinize phase can improve customer compliance (even outside of financial management), and other data-driven decision making throughout your organization.
For instance, the customer user experience capability of Rocket Software allows data quality errors that cannot be automatically resolved to be surfaced to customer service agents to proactively improve various areas of internal processes.
Step 5: Customize this information so it is meaningful to your customers and brand
Finally, organizations need to customize these improvements from end to end to be more competitive and support your company’s brand. At the most basic level, find the right means for promoting the improvement and to add value to the external stakeholders out of the changes. For example, inside a customer service workflow, provide a closed loop means of correcting errors that communicates back to the customer.
On the other hand, you can also deliver value to clients by implementing this maturity model that includes streamlined workflows that show customers the inconsistencies in their data or auto-fix it in an invoice or statement which in turn, translates into improved economic and brand value.
The bottom line
Leaning on comprehensive tools like Rocket’s Audit & Analytics Services can deliver continuous audit efficiency along with its associated benefits. The tool seamlessly integrates with your business allowing your auditing and financial teams to harness the power of process automation transforming business systems and applications.
Rocket has been partnering with customers on their automated auditing transformation journey for years. Talk to an audit and analytics expert to learn more.
