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.
Analyzing over $2 billion in spending across 275,000 invoices
Common Issues
Challenges arose for the Internal Audit team in implementing data analytics, given the prevalent reliance on Excel among accountants and auditors. The Fraud Investigation team required an assessment of high-risk vendors across the company, initially planning a one-time vendor sample analysis but realizing the need for a repeatable audit process.
Alteryx Solution
Recognizing Alteryx’s potential, the Audit team automated manual processes and employed k-means clustering to identify risky vendors. Alteryx facilitated the review of 10,000 “non-PO” vendors for 2017, analyzing over $2 billion in spending across 275,000 invoices. The team flagged red flags by scrutinizing vendor setup, invoice attributes, and payment details, transitioning manual procedures into Alteryx workflows, and feeding a machine-learning platform.
Customer Success
The Fraud team utilized Alteryx to streamline processes, enhancing efficiency and accuracy in fraud detection by analyzing various variables including vendor setup, invoices, and payments.
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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