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Auditor
Process Improvement: Auditor
Whether an internal or external, process mining offer Auditors added value to your organization or clients when checking financial records.
Financial audits is a process when a company's financial statements are checked thoroughly to ensure the numbers accurately reflect its financial situation. These statements are made following specific rules and standards, and show how much money they have, what they owe, and how much is earned or spent over a certain period of time. Then, they are used by investors, banks, employees, customers, and others to make decisions about working with the business.
Businesses with internal audit teams assess the company's management and performance separately from other business departments. Both internal and external auditors check if processes are executed the way its supposed to, if risks are well-managers, and if financial statements data are accurate.
Process mining helps both internal and external auditors do your job, because it shows how processes that affect financial reporting are actually happening. Perceptif pioneers an approach to unleash business excellence through Process Intelligence Automation.
This powerful tool opens doors to improve your operational performance, ensuring competitive advantage.
Solution Snapshot
with Process Mining
Unlock operational excellence with process mining & automation. Businesses unprepared to take the next step in digital transformation will quickly get left behind in challenging times.
1. Digital Transformation
Studies reveal that 56% of experienced internal auditors believe technology adoption impacts their value to the organization.
Process mining facilitates the digitalization and evolution of legacy audit management tools that are still the pillar of mature departments. Though many tech-forward organizations may have gotten rid of lengthy processing times and paper-based procedures, there is still room for improvement and modernization into a growingly digitalized future. Deviations, fraud, invoice errors, payment issues, and manual data entry are still happening today.
Can this be holding back your team's auditing performance?
Now here is where process mining comes in to streamline complex processes and accelerate your organization's digital transformation with better automation in internal and external auditing.
Automate tasks, document actual processes, and digitalize evidence of process execution more efficiently by adapting to new technology like Perceptif - a step up from the legacy tools that have limited capabilities.
Every digital touchpoint in your business holds the truth behind your financial flow. Perceptif mines real data from the many points in your system (procurement, recruitment, finance, sales, manufacturing, etc.) to reveal analytics that show what's actually happening in processes, rather than a perceived flow.
2. Financial Transparency
Auditors can use process mining to create maps that show how money moves within an organization, like visual diagrams of how things flow. By analyzing the data trails left by transactions and activities, auditors can identify potential bottlenecks, deviations, unauthorized activities, or anomalies in the actual financial processes.
This helps you validate the integrity and accuracy of financial data more efficiently and compare with reports to make sure it is consistent. Discrepancies can also be identified and addressed to improve the reliability of financial statements.
Don't you think your auditing process will be easier and more accurate compared to traditional, manual methods?
All you need is data that you already have, like Case ID, Activity, and Timestamps in every entry log that you want to dive into for better auditing processes.
3. Risk & Compliance
Compliance regulations and standards are key to optimize operational and financial processes.
Organizations invest into adhering to ideal work flows with training and perhaps even automation of certain tasks.
However, various challenges along the process - like human error or fraud - deviate from its ideal. Process mining is indispensable to verify whether financial processes adhere to regulatory requirements, industry standards, and internal policies. This helps ensure compliance and reduces the risk of non-compliance penalties or reputational damage.
Perceptif analyzes digital breadcrumb trails of every operation and finance processes in real time.
This reveals disparities, delays, and/or conflicts that are costing your organization precious time, effort, and money. Data-driven conformance checks is vital for your team to streamline operations, minimize costs, reduce deviations, and maximize results.
An additional advantage of process mining is its ability to estimate risks using factual data.
Gain insights into risk assessment processes and identify higher risk areas. To address non-compliance issues and risks, it is vital to understand the "why" and "where" behind these process deviations. You want any variation that strays from desired process flow to be pinpointed clearly for you to work out an appropriate solution.
By visualizing the extent of deviations, Perceptif can assess potential risks and offer corrective suggestions. Plus, the effectiveness of these suggestions can be verified by re-running another analysis after implementation. With AI-driven analytics, your business can take action to harmonize processes for a seamless, functional flow.
4. Drive Productivity
Perceptif lets you in on real-time operational insights to drive productivity of processes for tangible auditing benefits.
Process mining lets you compare the actual flow of transactions with the expected flow based on established procedures. This helps detect deviations or unauthorized activities that may indicate potential fraud or errors in financial reporting.
External auditing companies have begun to adopt process mining to automate their reporting services. This tool helps auditors understand the flow of tasks in an audit process, highlighting which tasks are most important or can be done more quickly, driving overall productivity.
This information helps auditors make changes to their plans or strategies to improve the efficiency of the auditing process.
One example is the Deutsche Post DHL Group in Germany. Process mining was adopted in their audit process to find ways to maximize time. It was discovered that process mining reduced their auditing time by 25%. This allowed them to uncover hidden process risks and contribute to a more effective auditing process.
What Is Perceptif?
Perceptif is a powerful tool to unlock operational excellence with process mining & automation. It harnesses the power of big data technology and AI to pinpoint areas of process improvement. This is applied to multiple aspects of your business to save time, effort, and cost with minimal effort.
Request a demo or subscribe to any of Perceptif's Plans for immediate access. Got a question? Get in touch with our expert team of consultants.
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