Audit with Technology

The age of automation is here, and with it comes opportunities for integrating Internal check’s with Automation. This will  lead to quality enhancements, risk reductions, and time savings—not to mention increased risk intelligence.

 This will become more prevalent in the near future as early adopters demonstrate their ability to enhance the value proposition of the internal control function. With some companies starting to extend into the far end of the spectrum, the future is now.

The benefits of embedding automation

There are many ways in which technology in internal checks can leverage automation capabilities throughout the companies, including risk assessments, audit planning, fieldwork, and reporting.

  • It would help management to determine where to focus and test—not an easy challenge, given the volume of operational and financial info flowing through most organizations.
  • It will enables the analysis of a full population of data and can identify outliers or exceptions
  • By creating sophisticated machine learning-based models, management can also improve fraud detection.
  • will make it possible for staff to work better and smarter, Technology will help to optimize their time.

We have developed a system where tasks that seem manually impossible can be performed with ease.

By replacing manual activities, Automation can free up capacity for teams, allowing personnel to focus on higher-value activities.

It can operate and execute audit tasks around the clock at an accelerated pace (in many cases, more than 90 percent faster than manual processes). By reducing time-consuming manual activities.

It enables tasks to be performed more uniformly and efficiently. Plus, the results are highly traceable and auditable. With inherent process standardization, fewer manual errors are likely to occur, which improves the accuracy and quality

Can enable organizations to increase the frequency of testing, and in many cases, transition to a continuous monitoring model for providing more timely insights to the business.

 

  1. Mapping sale/purchase transaction from sales/purchase order to bank payment received/payment.
  2. Proper TDS is deducted on all required expenses.
  3. Debtors and Creditors Health check ( including checking whether the name is in struck off company list)
  4. Income reconciliation with 26 AS
  5. Reconciliation of payments received from multiple sources (Cards payments, Wire payments, Cash, etc)
  6. MIS reports with the capacity of giving insides and showing treads in the data.
  7. Forecasting/recommendation from data using AI and much more