Automation technologies are evolving at pace and the early adopters of such technologies are experiencing the benefits of hyperautomation. The global audit market is projected to grow by US$ 2.84 billion during 2020-2024, at a compound annual growth rate of 8% over these 4 years. So, it is a good time to decipher the opportunities that exist within the auditing market for Robotic Process Automation.
At the time of writing, auditing remains a very manual and human-focused sector, with very little technology involved. But, when you compare the processes used in auditing to those that exist in many other sectors you will find similar (if not exactly the same) processes are being automated in these comparable sectors. But why not within the auditing market?
The simple answer is compliance and the need to constantly double-check data, inputs and submissions. By way of example, the seven-year rotation of human-intensive statutory auditing is a very costly process, because of these reasons. Indeed, not only must all data be checked by auditors, but the work of the previous auditors must also be cross-referenced to confirm that everything was above board.
When choosing an appropriate Digital Worker or RPA vendor to address automation of auditing processes, one must ensure the following:
Firstly, a suitable RPA program governance structure is in place and strictly followed.
- Firstly, a suitable RPA program governance structure is in place and strictly followed.
- The selected RPA vendor will not draw out the implementation so to avoid new risks arising.
- A crystal clear process for the efficient handling of process exceptions.
Here are some areas, where investment in RPA can bring positive returns for Internal Audits, in part by improving the efficiency of the audit process and providing greater insight into the business:
- Easily traceable audit trail – When Digital Workers are used within a business, they will normally automate the repetitive and simple tasks, thereby freeing up capacity for teams, allowing employees to focus on higher-value activities, such as exception management, quality assurance and reviews. But with Blue Prism’s Digital Workers they go further and leave behind a clear audit trail meaning that auditors would only need to check the process once to see its structure and ensure its compliance. Making for a faster audit.
- Reduced costs and Increased efficiency – Digital Workers can execute and operate audit tasks. This is because Data Manipulation occurs through the auditing function and can easily be automated to the agreed industry standard for compliance reasons. Such audit automations can lead to cost savings and efficiency increases by reducing the amount of time humans need to be involved.
- Higher quality output – Digital Workers complete the tasks in exactly the same way, every time… Meaning there is no room for human error or even deliberate misrepresentation of data, so the data output is more uniform and at a higher qualitative standard.
Blue Prism’s cognitive, intelligent (AI), and productive Digital Workers help you take full command of the operational challenges and flourish with better speed, agility, and scale.
Blue Prism’s Digital workers are impacting the financial industry in pretty much every area. There have been increases in productivity and significant falls in the average cost. So if Digital Workers are doing this across the finance industry, can’t this approach be applied to the auditing process as well?
There is a huge impact of utilising the Blue Prism and Venturiq partnership for Statutory and Compliance Audits for:
- Automated report creation without the need for manipulation which protects against potential corruption
- Optimisation and automation and turning it into an automated and objective standard process
- Increasing productivity by more than 1000% in some cases as robots can work 24×7 and at a faster pace than the average 9-5, Monday to Friday, employee.
- Reduction in the cost of independent verification due to faster auditing
Blue Prism’s Digital Workers are here and they are influencing every aspect of today’s business world and with Venturiq, an implementation partner for Blue Prism that delivers fast and effective RPA implementation, the Digital Workers will be able to work for you with 100% accuracy and report exactly what has happened faster than ever before.