ROBOTIC PROCESS AUTOMATION for Audit & Compliance

RPA for Audit and Compliance Processes

Today, Robotic Process Automation (RPA) has shown to be extremely effective in automating repetitive, high volume processes without human error, especially when organizations are attempting to do more with less. Auditors every day face a multitude of challenges in gathering data for preparation and preprocessing because the data is typically inconsistent, incomplete, and lacks the needed format/structure to make it into an auditable form. By nature, controls depend upon monotonous activity and a high-level of documentation, making these functions ideal candidates for automation.

“Robotics leaves a detailed audit trail, which has streamlined and boosted our internal auditing process and regulatory compliance.”

Director of Shared Services, Global Food Retail Company, Gartner Report

What’s the Impact?

The impact of RPA for audit and control boosts productivity, saving an outstanding amount of time by streamlining report corrections and improving data accuracy. By deploying RPA, businesses can automate time-consuming, manual tasks of copying and pasting data between applications, cross-referencing data, and reconciling. With an automation implementation, auditors would have more time to prioritize value-added efforts and high-priority audits, and the organization will have increased compliance and reduced risk across the board.

When automated control testing is implemented, internal audits can analyze entire populations of data instead of samplings. This results in management having more confidence that these audit controls are operating adequately.

97%

“By automating the creation and distribution of standard settlement instructions, we experienced a 97% reduction in processing time.”
– VP of Shared Services Logistics Company, Gartner Report

RPA Use Cases for Audit and Compliance

Automating Audit and Compliance

  • Improve operational efficiencies & quality of audit
  • Increase control testing coverage
  • Instill agility in compliance management
  • Higher precision audit activities
  • Executing and Tracking Internal Audits: Automate data collection, execute the audit plan and track against it, gather evidence, and control testing

  • Reporting and Monitoring Audits: Auto-prepare reports and dashboards, populate audit committee report templates, prepare and deliver internal audit balanced scorecard, monitor Key Risk Indicators (KRI), and provide near-time insights

  • Managing Audit Data Quality: Automating master data to have completeness of information in order to manage evidence and have a platform to validate the data

  • Providing Audit Alerts and Notifications: Identify open audit items, notify responsible parties if there is an error, alert notifications when due dates aren’t met, and document remediation status

Microsoft Power Automate listing on AppSource
Microsoft Power Automate listing on AppSource

Microsoft Power Automate Implementation for Audit & Compliance

Smartbridge offers competitive pricing to launch your first audit and compliance bot with Power Automate.

Our RPA experts will help you identify automation candidates. Skip sales and talk to them on your first call with Smartbridge!

RPA Audit Accelerator

The use of RPA to automate the testing of general controls will free thousands of audit hours to focus on analysis, exception handling, and not on data collection. Smartbridge has created an RPA Audit and Compliance Accelerator to speed up the implementation of an audit automation. The RPA Audit Accelerator is a customizable program developed in UiPath that offers the base functionality of an audit scheduler and membership audits automation.

The Audit Accelerator is comprised of three main components: scheduling, tracking, and dashboards with audit insights. The audit accelerator speeds the implementation and execution of automating audit and compliance by helping with:

  • The execution and tracking of an audit
  • Managing audit data quality
  • Automating audit reporting
  • Providing audit alerts and notifications

Audit Accelerator Insight Dashboards

rpa for audit

RPA for Audit and Compliance Case Studies

As UiPath and Power Automate implementation partners and resellers, we’ve gained extensive experience implementing RPA into the processes of enterprise-level operations departments. Explore our insights below to see our solutions in action.

Ready to talk about your audit automation?

There’s more to explore at Smartbridge.com!

Sign up to be notified when we publish articles, news, videos and more!