ROBOTIC PROCESS AUTOMATION SERVICES
for Audit and 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.”
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.
RPA Use Cases for Audit and Compliance
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
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 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.
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