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In a riveting conversation at the GAM conference 2024 in Vegas, Lior Mistriel, a Partner at PwC Israel with over 17 years of experience specializing in IT audit, and Eli Edry, the CEO and Founder of AudITech, came together to discuss the transformative impact of automation on ITGC auditing.
Watch the full conversation here!
Embracing Automation: A Paradigm Shift in ITGC
Lior kicked off the conversation by discussing the current landscape of IT auditing. Despite automation revolutionizing various industries, the finance sector seems to lag behind. Bookkeepers still engage in manual reconciliations, while IT auditors are buried in documentation and testing tasks. The question arises: when will the finance sector, including big four firms, fully embrace automation?
Eli joined in, highlighting the stagnancy in the ITGC auditing profession despite technological advancements. He emphasized the need for change and expressed optimism about the increasing adoption of automation tools by forward-thinking companies like AudITech. As technology continues to evolve, internal auditors seek innovative solutions to streamline processes and focus on high-level findings.
Overcoming Fear of Change
Both speakers acknowledged the apprehension among consulting firms regarding the adoption of automation. However, they emphasized the positive impact it could have on the profession. Rather than fearing job losses, consultants could redirect their focus towards providing valuable insights and consultancy services to clients, leveraging automation to enhance efficiency.
Creating Value through Technology
Eli referenced a recent PCAOB publication discussing the economic analysis of integrating technology into internal audit controls. While automation may initially lead to fewer manual hours, it ultimately creates value for companies. Internal auditors can increase fees, deliver more comprehensive services, and maintain a positive reputation by leveraging technology to its fullest potential.
Gaining Full Visibility
Lior highlighted another crucial aspect of automation: providing full visibility and assurance. Traditional auditing methods often rely on sampling, leaving room for uncertainty. With automation tools like AudITech, companies can test the entire population, ensuring comprehensive coverage and peace of mind for management.
The Path Forward
In conclusion, Lior and Eli underscored the importance of embracing automation as the future of ITGC auditing. By overcoming fear, harnessing the power of technology, and gaining full visibility, companies can navigate the evolving landscape of auditing with confidence and efficiency.
The conversation between Lior Mistriel and Eli Edry exemplifies the collaborative effort needed to drive change and innovation in the world of IT auditing. As they continue to advocate for automation and its transformative potential, they pave the way for a more efficient and effective auditing process.
