The global audit is a business of financial auditing projected to grow to US$2.23 trillion by 2023. Well, as the scale of work increases, so do the documenting processes. Automating data entry and document processes can help associations save a lot of money. Use cases of RPA in Audit will give us an overview of how we can automate processes in auditing.
45% of employees’ tasks can be automated, which could save an estimated $1.6 trillion in global workforce costs.
Then, we will explore how RPA gets used in auditing and what benefits it can bring to the table. Stick around because you might just be surprised at what RPA can do!
What Is RPA (Robotic Process Automation)?
RPA is a software technology that lets you create, place, and manage software robots that imitate human conduct interacting with digital systems and software.
As with people, software robots can perform tasks like understanding what is onscreen, completing the keystrokes, navigating systems, relating and extracting data, and more.
Various bots in RPA can do it quicker and more constantly than people without a break.
RPA, unlike traditional automation, does not bear any custom coding or integration with legacy systems. It means it is up and running quickly with less cost.
Here’s everything you need to know about RPA.
RPA in Audit work
Executing RPA across the association means the inspection encounters automation software during inspection engagements. Because RPA imitates human conditioning, multiple controls around RPA processes are identical to the processes they’re replacing. Yet, RPA implementation frequently includes process redesigns and new risks related to new technologies.
Inspection should thus consider the risks to the business, including governance and legal, when assessing RPA executions. The necessity to address these and other risks calls for groups to play a new part.
Auditors must now ensure that:
- A suitable RPA program governance structure is in place and followed.
- Appropriate controls in RPA implementation don’t get excluded, and new risks have sufficient control.
- A logical process is in place to effectively manage process exceptions that are likely to increase as volume increases.
- Recent automated systems have plans to continue critical operations in case of intentional or unintentional RPA system outages.
Benefits of using RPA in Audit
RPA in auditing can bring several benefits to the auditing process.
Faster And Accurate Data Collection
One of the main pain points in auditing is data collection. It is time-consuming and error-prone if data gets widely spread across multiple systems. However, your entire audit gets discarded if your information is wrong.
RPA can automate data collection from multiple sources and consolidate it into a single system for further analysis. It not only saves time but also reduces the chances of errors.
Outworks Solutions can help with audit completion and collect data from documents, try extracting information from your legal documents for free using RPA.
RPA in inspection can automate repetitious and manual tasks in the audit process, freeing up time for auditors to concentrate on advanced-value tasks.
For example, RPA can render standard reports, update records, prepare documents, send emails, and more. It does not make auditors’ jobs easier but also reduces the risk of human error.
RPA in auditing can help increase the quality of audits by delivering a balanced and unremarkable process. By automating critical tasks, auditors can be sure that nothing gets missed out and that data is collected directly.
In addition, robotic process automation in audits can give real-time feedback on the progress of an audit, which can help identify problems beforehand.
Advanced client Satisfaction
Auditing can be a pain point for both auditors and those audited. There are a lot of rules and compliance conditions during auditing, which gets completed precisely. Using manual processes to accomplish this demand takes up a lot of time. And thus, it’s advantageous to automate the processes using an RPA in auditing software.
Elevated Customer Service
Auditors frequently need to collect information from clients to complete an audit. RPA in auditing can automate this process by transferring emails, setting up meetings, and sharing reminders. It helps to increase customer service and make the audit process smoother for all involved.
RPA can also help increase customer service by giving faster turnaround reports and other deliverables.
RPA can help identify fraud by patterns in data that may indicate fraudulent activity.
For example, robotic process automation in audits can compare data across multiple systems to look for disagreement. It helps to flag fraudulent activity, and they get investigated ahead of time.
RPA Use Cases For Audit
Executing and Tracking Internal Audits
Automate data collection, execute the inspection plan and track against it, gather confirmation, and control testing.
Making sure you have a clear view of cash inflows and that your numbers are accurate is essential for keeping the business on track. Robots can handle numerous relative tasks needed within general profit audits, taking the legwork out of the process while keeping you in control of producing detailed reports.
Maintaining Compliance With Regulations
RPA can help companies maintain compliance with regulations. It includes tasks similar to covering compliance risks, generating reports on compliance status, and updating compliance records.
In addition, RPA can automate the distribution of compliance-related information to applicable stakeholders.
Robots can also help with ongoing rules-based risk assessments, putting effort that lessens the strain organizations place on audit professionals. When unstated risk violations arise because of specific deals or changes in the company’s financial conditions, the system can produce an alert for attention.
Managing Data Quality Of Audits
Automation of master data to manage evidence and have a platform to validate reduces the risk of fraud and increases data quality for audits.
It is a two-fold result that benefits the auditor in automating processes and provides controls for the company.
Notifications and Alerts Related To Audits
The thing is to get real-time caution for any changes in the data that could indicate a compliance or control issue. It would allow the auditors to analyze and take corrective action before it becomes a material issue.
Robotic process automation has advanced significantly since its original preface to the business world. Presently it has an integral part to play within a broader strategy in automation. When you duly configure and emplace them, RPA and affiliated tools can restate significant time and cost savings for your business.
Do not suppose automation as set-it-and-forget-it technology. But, you will want to verify the results you achieve while considering how to improve ahead. By minding the gaps in your automation with the advanced tools, you can nurture a better means of doing business.
As the digital landscape shifts and becomes more complex, more advanced tools and a unified strategy are necessary. But, businesses come stuck with patchwork results that don’t integrate as well as they should. A unified approach based on the generalities of intelligent automation not only leverages RPA when it can give value but also brings in other tools, including AI, machine learning, OCR, and more.
Do you also want your business to automate RPA in auditing? Contact us today.