Continuous Audit and IT Audit Automation
Increase breadth, depth, and frequency of audits over critical systems and business processes
Approva’s Approach
Approva’s Controls Intelligence Suite provides a continuous auditing solution that automates tasks that many audit teams are performing manually today. Through automation, Approva improves the frequency with which tests are performed and expands the breadth of data tested. Approva automates the testing of system configurations, user access, master data, and transactions across business systems, freeing auditors to spend time investigating true exceptions, not just gathering data.
Key Benefits
-
Reduced Audit Cost
Save up to 75% of audit testing time over critical systems and business processes. Eliminates the need to re-perform most point in time audit tests because continuous monitoring is in place. Save valuable time for busy auditors and reduce travel requirements in some cases, improving retention and job quality.
-
Improved Audit Quality
Move from sample-based testing to monitoring full populations of data and identifying all exceptions. Ensure consistency of testing processes and enable auditors to focus time and attention on most important business areas. Approva enables real time disclosure in the reporting cycle.
-
Improved Operational Effectiveness
Detect potential business risks or problems early and notify managers so appropriate action can be taken immediately to eliminate the risk or stop the problem. Improve cash flow by identifying best practices and non-compliance with corporate policy (such as payment terms) resulting in optimized business processes.
-
Reduced Fraud Risk
Prevent occupational fraud including collusive fraud by creating a perception of monitoring. The Association of Certifried Fraud Examiners (ACFE) estimates that fraud costs 5% of annual revenue, on average. Eliminating just 10% of this cash leak can result in significant savings.