Marketing Manager, AudITech
Table of Contents
As companies increasingly depend on IT systems for their daily operations, the need for technological assistance in ITGC audits has become essential. Traditional auditing processes are no longer effective given the complexity of IT controls and stringent regulations. This is where ITGC (IT General Controls) automation becomes vital. But what exactly is ITGC automation, and how can it benefit audit firms and their clients?
Understanding ITGC Automation
ITGCs are fundamental controls that ensure the proper operation of IT systems. They encompass areas such as access controls, change management, data backups, and disaster recovery. Traditional methods of managing ITGCs often involve manual processes, which can be time-consuming, error-prone, and inefficient. ITGC automation leverages advanced technology to automate these controls, streamlining compliance, and enhancing the overall security posture of an organization.
Benefits for Audit Firms
Enhanced Efficiency
IT auditors face immense workloads, often bogged down by mind-numbing, repetitive tasks required to document working papers. A survey detailed in the research paper “Auditor Perceptions of Audit Workloads, Audit Quality, and Job Satisfaction,” conducted across 700 auditors, examined current audit workloads and their impact on audit quality and job satisfaction. The findings revealed that auditors are working, on average, 5 hours per week beyond the threshold at which they believe audit quality begins to deteriorate, and often 20 hours above this threshold during the peak busy season. Automating these routine tasks would help reduce the workload of IT auditors and enable audit firms to redirect their teams toward more strategic activities.
Improved Audit Accuracy
Automating ITGC audits not only eliminates the potential for human error but also ensures higher quality and accuracy in the audits conducted. With a reduced workload, auditors will have more time to focus on areas that require greater attention and strategic thinking, including remediating deficiencies and hone in on improving the quality and robustness of their internal controls. AudITech’s self-auditing platform audits 100% of the population, helping audit firms identify critical deficiencies as they occur. This enables a proactive approach rather than a reactive one.
Cost Savings
Time is the most precious commodity, and manual auditing can be a significant expense for audit firms. PwC Israel, achieved a 70% reduction in ITGC audit hours for their client Fiverr by implementing AudITech’s software. Reducing the time spent on audits can lead to substantial cost savings. Additionally, more accurate audits lower the risk of costly compliance violations and security breaches. With AudITech’s platform, you can keep your ITGC auditing costs well within budget while enhancing accuracy and efficiency.
Improved Assurance
With AudITech’s self-auditing software, SOX compliance becomes effortless. Mandatory for all public companies and recommended for growing organizations planning to go public, SOX compliance helps audit firms protect sensitive data from insider threats, cyber attacks, and security breaches. The software identifies deficiencies as they occur, allowing you to address issues swiftly, well before external auditors get involved.
Benefits of ITGC Automation for Audit Firm Clients
Increased Trust and Confidence
Our ITGC automation platform audits 100% of the population, ensuring the accuracy of working papers and boosting client confidence. With the platform supporting the audit firm’s IT auditors, clients can trust the audit firm even more, knowing that the chances of human error have been significantly reduced.
Improved Service Quality
Clients will receive real time updates of deficiencies and not have to wait months as they would with manual audits. Consequently, clients benefit from faster turnaround times, allowing them to make timely decisions and implement necessary changes without delay, ultimately leading to more reliable results and a better overall client experience. Clients receive more value from the audit firm as all potential deficiencies flagged, audit firms can provide a comprehensive overview and remediate any issues.
Improved Assurance
In a survey conducted by Protiviti in 2022, it states that SOX compliance teams are faced with greater scrutiny due to actions and guidance laid out by the PCAOB. AudITech’s advanced automation platform ensures that all necessary controls and protocols are consistently applied and monitored, significantly reducing the risk of non-compliance. This meticulous adherence to regulatory standards not only facilitates smoother and more efficient external audits but also minimizes the likelihood of incurring regulatory fines and penalties. Consequently, clients can operate with greater confidence and peace of mind, knowing their compliance obligations are being meticulously managed and their exposure to financial and reputational risks is greatly diminished.
Conclusion
Ultimately, ITGC automation facilitates compliance with critical regulations such as SOX and SEC requirements, reducing the risk of regulatory fines and penalties. Audit firms and their clients can operate with greater confidence and peace of mind, knowing their IT controls are consistently monitored and maintained.
Contact us today to schedule a demo and see how our solution can help you.
