May 9, 2023
Auditing is a time-consuming, redundant procedure that is prone to reporting inaccuracies and erroneous data representation. To achieve the necessary accuracy throughout the entire auditing process, intensive data collection and routine follow-up on the action items also present a challenge.
Corporations must also comply with complex accounting and investor-protection regulations, and that landscape is not static. Governing authorities are continually adding regulations while also updating existing ones. That creates a huge task for corporations managing compliance in a single country. For multinational companies, the work becomes exponentially harder. The challenges of verifying and complying with numerous, complex regulations are also ultimately passed on to audit and assurance firms.
Organizations are increasingly burdened with manual, cumbersome, and error-prone processes for audit readiness, often leading to audit delays, increasing costs, failures, and fines. Audit teams are buried under spreadsheets and juggling between large volumes of data collected from different business departments across various geographical regions. According to a survey conducted by the Wall Street Journal on CFOs, 37% reported that they spend most of their time managing financial reporting, audit, and compliance.
Ad-hoc, paper-based, manual, and people-dependent compliance processes are complex and vulnerable. They are not able to provide a sense of assurance to the shareholders and investors. Investors are now not content with just the financial performance of a company. They are actively seeking transparency and assured compliance from the companies. However, manual processes do not cut it for organizations to keep up with ever-changing regulations, let alone manage, communicate, and enforce all aspects of compliance across their entire organization.
Sancode technologies has helped organizations overcome the challenges presented by the complex regulatory environment and automate their auditing and compliance workflows.
RPA can replace workforce labor for time-consuming recurring processes to create accurate and fast compliance workflows to ensure better business operations. Audit teams can manage all of their work papers, samples, reviews, findings, and actions in one consolidated space, which interacts seamlessly with your risks and controls. RPA technology can aggregate data from multiple sources and provide an audit trail via the bots’ activity log. This can help corporations achieve efficiency, enhanced regulatory reporting, eliminate compliance risks, allow compliance management to receive real-time quality data and reports, and identify vulnerabilities faster.