Step away from legacy tools and explore five common audit processes that you can modernize so your team can spend more time solving analytic problems rather than manually wrangling and reconciling data.
5-8 days saved per audit
Traditionally, audits have proven to be both time-consuming and labor-intensive, especially when done manually. Continuous auditing through automation, on the other hand, can improve the effectiveness and efficiency of audits.
Common Issues
Alteryx Solution
Automate audit processes to save time while gaining more assurance and completeness by checking 100% of transactions and detecting weaknesses in a real-time environment.
Customer Success
A managed healthcare company transitioned to continuous auditing, saving them millions of dollars in potential claims overpayments and saving their audit team 5-8 days per audit.
5-7 day audit process reduced to 15 minutes
Key controls are important in helping companies detect errors or fraud on financial statements. Since the inception of the Sarbanes-Oxley Act (SOX), key control requirements have increased and become even more complex
Common Issues
Alteryx Solution
Streamline audit processes into one customizable, cost-efficient solution and avoid manual processes prone to data entry errors.
Customer Success
An airline company modernized its audit program to save nearly $1M/year and reduced its audit process from 5-7 days to 15 minutes.
7-hour process reduced to 7 seconds
Fraud exists in many organizations but can be difficult to identify. It’s easy for companies to miss fraud if they’re not checking every transaction or frustrating when a transaction is incorrectly flagged as fraudulent
Common Issues
Alteryx Solution
Check 100% of transactions to catch 100% of fraudulent ones. With insight into real-time transactional data, take immediate action and reduce losses from fraud.
Customer Success
A financial crime exchange can now work with large datasets at speed. They reduced their workflow from 7 hours to 7 seconds.
10,000 vendors assessed for risk in less than 60 seconds
Internal audit teams should conduct regular vendor risk assessments to see what potential risks may arise from vendors that could negatively impact business operations. This is a proactive way to detect issues, including fraud, across vendors.
Common Issues
Alteryx Solution
Create a fast, repeatable process to identify high-risk vendors and where additional audit procedures should be performed.
Customer Success
An international cruise line automated its vendor risk scoring procedure to identify issues among 10,000 non-PO vendors and 275,000 invoices representing over $2B in spending.
1000s of hours/year saved through automation
Regulatory risk is the risk that regulations and laws will change and negatively affect a business. When regulatory returns or processes are manually run, risk levels can increase along with missed deadlines and fines.
Common Issues
Alteryx Solution
Comply with regulatory reporting procedures and minimize fines with workflows that run in seconds.
Customer Success
A bank and financial services group saved thousands of hours annually and reduced risk by automating workflows.
Alteryx, the Analytics Automation company, is focused on enabling every person to transform data into insights. See how your audit department can use Analytics Automation to take back their time and maximize efficiency and performance.
Watch our audit demo or get started with free audit workflows from our Finance Starter Kit.
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