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5 Common
Audit Processes
You Can Automate
in One Week
E-BOOK
If so, you’re not alone, but you may be falling
behind your competitors.
Forward-thinking companies are turning to automated
analytics to replace the time-consuming, error-prone manual
audit processes that are no longer scalable or accurate.
According to McKinsey, 60% of audit processes can be
automated to some degree.
SOURCE: McKinsey & Company, Memo from the CFO: Get in front of digital finance -
or get left back.
By implementing analytics automation, auditors can
reduce workloads, improve efficiency, and produce
highly accurate data in a fraction of the time.
This is especially critical in rapidly changing
regulatory environments, where timely auditing
is necessary to maintain compliance.
of analyst time
is spent searching
for data
per week
are wasted in
spreadsheets
HOURS
of data science
models never
get developed
Is your audit team still working
in spreadsheets?
40%
10%
10%
Somewhat
Highly
Fully
40%
Difficult to do
37% 26 13%Automatability
2 5 COMMON AUDIT PROCESSES YOU CAN AUTOMATE IN ONE WEEK
By incorporating automated workpapers, trial balance, and
analytics, a cloud-based audit suite equipped with integrated
AI-enabled software and applications provides auditors with
instant access to audit data in real-time.
Automation ensures standardized, reliable results. These
consistent and accurate audit reports simplify compliance
and improve risk management by identifying irregularities
and potential risks faster and more accurately.
In fact, with modern analytics, such as analytics automation,
analysts can not only speed up repetitive processes, they can
also take charge and save time for other departments.
“We don’t have to work 18 hours just on data
manipulation anymore. We have the ability
to do more value-added activity.”
-Tax Technology Manager, Baker Tilly
An audit is a continuous
and iterative procedure
76%
72%
66%
66%
With analytics automation:
of analysts can work
with the data they need
of analysts don't need IT
assistance to create insight
of analysts can connect and
consolidate repeatable processes
of analysts can standardize and
integrate source data for analysis
3 5 COMMON AUDIT PROCESSES YOU CAN AUTOMATE IN ONE WEEK
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