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28 Aug

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Benefits of Audit Digitalization No Comments

Benefits of Audit Digitalization

Digitalization that was once an aspiration is now a reality. Companies are constantly transforming their processes to take advantage of the technological advancements . They are investing in new technologies that increase ease of access, enhance productivity, aides in decision making, and have other benefits that will leverage the business. With all industries going digital, the Banking Industry is no different. It is going through a huge transformation and the professionals are also evolving as per the current requirements. Remote Audit or eAudit has gained a lot of popularity lately as there is a dire need for the same. 

The Internal and External Audits no longer are conducted the conventional way. With the advent of newer technologies, there is a paradigm shifting thought process in the way that the audit is conducted. Technologies such as video conferencing, email and audio calls can be used to obtain audit evidence. Remote audit encourages better communication even during the testing times such as the pandemic situation we are in right now. It strengthens the overall audit process and helps build a better relationship between auditor and auditee. This transformation will change the course of how auditors will work going forward. 

To reap the benefits that are mentioned above, audit digitalization is the cornerstone 

The key benefits of Audit Digitalization are:

  • Absolute transparency that gives way to greater risk identification and business insights.
  • Data availability couldn’t be easier. Auditors will be able to access data through secure authorized platforms and applications – anywhere & anytime 
  • It saves the auditor more time on preparing audit reports now since the system generates the reports once the auditing is concluded
  • Allows the auditor to spend more time on aspects that add value to the audit process with the user friendly software that provides all the required information at their fingertips. Reports provide better insights for evaluation and assist auditors in making informed decisions
  • Auditors will easily be able to view data, review documentation, conduct interviews and make observations with auditees
  • Remote auditing eliminates the requirement to commute and the health concerns associated with it, the auditor is more likely to be more focused than before

NCS Soft Solutions — The Leader in Audit Digitalization — offers a complete Audit & Compliance Management system — eTHIC. This system is all that you need right now to overcome all your audit challenges. A clear and well-planned audit planning and good communication are essential from all parties to ensure that the process runs as smoothly as possible. eTHIC is designed with a dynamic dashboard that enables better decision making, increases efficiency and effectiveness in audit, reduces time in audit planning and scheduling. It is highly scalable and supports Continuous Transaction Audit, Real-Time Audit Stats, Parameterised and Configurable Workflow. It also includes the Remote Audit or e-Audit features. eTHIC is all the above and much more. Request for your demo today, because Audit Digitalization is the way forward.

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