Talking about Audit Efficiency in Atlanta (TAC 2016)

RGP and the policyIQ team were honored to be invited to speak at the Atlanta chapter of the Institute of Internal Auditors (IIA)’s conference, held on Friday, September 16.

policyIQ’s Managing Director, Chris Burd, tackled the topic of “Ways that Technology Can Expedite Internal Audit’s Daily Work”.  With attendance for the session well over 200, the topic was clearly one that generated a lot of interest.

An unscientific “show of hands” poll of the audience found that only about half of the attendees currently utilize a software application that is designed for Internal Audit or Governance, Risk and Compliance programs.  For those not utilizing an application, the session generated a number of ideas and stressed the value of having a tool to expedite and streamline the process.

For those that do use an internal audit application, however, the conversation also allowed the attendees to ask and offer suggestions to others of ways to improve their current audit work.  The discussion followed the following steps in the Audit Cycle:

auditcycle

Two specific areas that were called out as areas of interest by the attendees were the work of Evidence Collection and that of Issue Tracking.

Evidence Collection

In evidence collection, we talked about ways to automate the evidence collection process, as well as some of the challenges of doing so.   While a fully automated evidence collection process is the ideal end goal, the discussion touched on making sure that you also provide the right amount of training and oversight to those individuals participating in the process, to alleviate stress of a new process and minimize the risk of invalid evidence submission.

Issue Management

The topic of issue management focused primarily on the idea that issues are most effectively managed when they can be easily linked to the audit testing, controls, processes, or risks from which they originated.  Having a central system to manage risk assessments, internal controls and procedures, audit testing and issues allows for this flow of information.

 Looking for Technology that is Simple to Use and Implement!

As a sponsor, RGP was also able to meet with attendees as they stopped by to say hello.  Folks that stopped by to talk about technology almost invariably said the same thing – they wanted to find software that was easy to use and easy to implement.  Long and costly implementations caused many to simply continue doing things in the same Microsoft Office tools that they have always used.

Do you want to learn more about how to make your internal audit team more efficient and effective?  Contact us today and we’d be happy to meet to talk about some of the specific ideas and how policyIQ can meet those needs!

This entry was posted in Solutions and tagged , , , , by Chris Burd. Bookmark the permalink.

About Chris Burd

Chris is the Managing Director of the policyIQ group at RGP. She gets geeky about compliance and technology, and gets to spend every day working at the crossroads of the two. With policyIQ since 2005, Chris has worked with hundreds of policyIQ clients to implement technology and enhance their internal compliance environment. In the past few years, she's focused on enhancing policyIQ's offering as a Conflict Minerals and Anti-Corruption tool. In past lives, Chris worked as a system implementation consultant, a e-commerce specialist, a customer service call center manager, and - for one short but memorable summer during high school - a machine operator on midnight shift in a plastics factory. In her free time, she spoils her nieces, volunteers at her local food bank, and spends more time than she should taking photos of her cats. She would like to be a rock star when she grows up.

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