Remote Audits Are The Future Of Finance

Remote auditing is about conducting audits using electronic means of communication. Video conferences, file sharing, e-mails, and phone calls are some of the technologies that are being used. Those processes are implemented to obtain quality audit content. The objective is to adopt the same standard techniques like during an on-site audit. The overall goal is to objectively evaluate the data to determine the extent to which the audit standards are met.

One of the many benefits of remote auditing is auditors can receive and share data while being at different sites. Auditors can inspect documents and procedures without having to travel to the audit site. They can also carry out interviews and observations. By providing an efficient solution, time savings can be achieved, creating room for expansion, growth, and profit. The time saved is time well spent on other tasks, and standard tasks can expect higher quality audit reports.

Historically, remote audits have not been popular, but in the past few years, auditees have been more willing to trust the new procedure. The swift take-up of remote auditing is an indication that this was an unfulfilled need.

An industry full of challenges and opportunities

Remote audits are at a turning point. The COVID-19 pandemic forced most companies to abruptly execute their audits in a different manner. Business processes had to be adjusted. Remote audits are today the only secure, accessible solution when traditional in-person audits are not a possibility. The current crisis impacts how companies will be working in the future. Many organizations had to implement measures that are here to stay. The balance between remote and on-site auditing is the issue of the day.

Anti-fraud regulations: A necessary evil

Remote auditing is a technology solution that only has a recent history. It took some time for remote auditing to be identified as a growth sector. The COVID-19 pandemic compelled firms to change their business model. Concerning compliance and fraud, the United States enacted new laws to regulate the financial industry. For example, in 2002, congress passed a federal law called the Public Company Accounting Reform and Investor Protection Act (PCAOB). It expanded new requirements on accounting and financial​ transparency. The ambition of this law was to raise companies’ responsibility to certify the accuracy of financial information.

America is increasingly enacting new legislation to bring more compliance and transparency to U.S. corporations. Many companies are taking those regulatory pressures as an opportunity, as they can be seen as a possibility for an organization to truly inspect itself.

Supervizors’ response

Every year, companies lose millions of dollars due to financial errors or frauds. CFOs are relying on costly obsolete approaches, such as manual controls or in-house analytics. This can result in a lack of confidence in their own financial statements. Supervizor has developed a unique response. With Supervizor, companies can remotely audit their finances.

Supervizor has developed a solution with more than 300 ready-to-use controls, for the development of which it has analyzed more than 60,000 companies. The solution can analyze 100 percent of a company’s transactions from all over the world, in all ERP systems. Supervizor analyzes the source from the data captured in an ERP. It then produces an audit report with a global reporting through visual dashboards.

With Supervizor, you can expect a decrease in fines, auditor fees, and approximately a 40 percent gain in workforce efficiency. The software can also be used to confirm the compliance of your company with American regulations such as SOX or FCPA. Supervizor’s purpose is to reconcile companies and their CFOs with their own financials. The solution lets you validate transparent finances with as few anomalies as possible.