Challenge

Fiverr, a NYSE-listed company with a large global marketplace, faced the challenge of managing complex IT General Controls (ITGC) across numerous systems, including their self-developed microservices platform. With over 4.3 million active buyers and a significant employee base, ensuring effective IT controls was crucial for financial statement accuracy. However, conducting ITGC audits was resource-intensive, requiring input from various departments and external advisors. There was a need to improve the efficiency and effectiveness of IT controls while streamlining audit processes.

The implementation of AuditTech’s automated ITGC controls solution yielded significant improvements for Fiverr. In the first year alone, they saw an 80% reduction in the testing efforts required for Change Management controls.

Solutions

Fiverr, a NYSE-listed company with a large global marketplace, faced the challenge of managing complex IT General Controls (ITGC) across numerous systems, including their self-developed microservices platform. With over 4.3 million active buyers and a significant employee base, ensuring effective IT controls was crucial for financial statement accuracy. However, conducting ITGC audits was resource-intensive, requiring input from various departments and external advisors. There was a need to improve the efficiency and effectiveness of IT controls while streamlining audit processes.

Results

The implementation of AuditTech’s automated ITGC controls solution yielded significant improvements for Fiverr. In the first year alone, they saw an 80% reduction in the testing efforts required for Change Management controls. Additionally, the automated platform provided comprehensive coverage of the tested population, achieving the goal of 100% coverage. This not only improved the efficiency of audit processes but also reduced resource utilization and enhanced the overall effectiveness of IT controls. Fiverr successfully transitioned from a mindset of viewing audits as one-time events to embracing ongoing monitoring as a fundamental aspect of their control environment, with AuditTech playing a pivotal role in this transformation.

Below is a table illustrating the outcomes of the conventional manual audit in comparison to the automated audit facilitated by AudITech’s solution