Tax & AccountingFinanceComplianceJune 21, 2018

Future-proof audit solutions

Technology changes faster than most of us can react. Even for the most responsive audit departments, it is very difficult to keep up with all of the changes that are available to us. As auditors, we depend on three key pieces of technology including audit management software, data analytics, and reporting tools. Over the years, these three tools have gone through huge changes, so how do you keep up with the pace of technology?

At TeamMate, we believe the key is to partner with an audit software vendor that takes this burden off you. Our philosophy has always been to bring the most relevant, up to date, and future-proof technology to our customers. Our tools are designed to grow with your department and evolve with the state of technology.

Audit management solution

As part of our commitment, we have introduced TeamMate+ Audit as the next iteration of our audit management software. TeamMate+ is completely web-based to eliminate the hassle of installing software on laptops. Our audit software can even be used on tablets for those groups who are moving away from laptops altogether. By implementing modern software techniques, we provide the capability to perform audits in your own way. You can follow traditional audit methods, agile audit processes, or involve other departments if you have implemented combined assurance.

Data analytics

Data analytics has been a particular challenge for audit departments. Despite the fact that data analytic tools have been around for a very long time, these tools have been hard to adopt, and difficult to use. In reaction to this challenge, TeamMate released TeamMate Analytics that integrates with TeamMate+ workpapers. TeamMate Analytics is runs on top of Excel making it immediately accessible to all auditors. If you feel that your department is behind the technology maturity curve, one of the easiest and most effective changes you can make is to introduce TeamMate Analytics to your department.

Reporting tools

Reporting has also changed over the years as we have moved away from dense, verbose reports in favor of visual reporting. Instead of getting mired in the details, we provide more trending information related to audit results. Showing trends is more illustrative of the organization’s overall status. Examples could be trending by types of audit findings, audit results by business unit, or trends in the status of different control classifications. The type of information you choose to capture and report on will differ by industry and company. TeamMate+ includes a fully integrated version of IBM Cognos reporting to make reporting fast, flexible, and simple to use. You can quickly adjust your reports in response to the evolving concerns of your audit committee.

Keeping up with technology is a challenge you can overcome with a relevant and reliable partner. As your department moves up the technology maturity curve, we should plan ahead so that we maintain the momentum we gain. A recent study by The Institute of Internal Auditors (The IIA) identified six steps to developing an effective, long-term technology strategy for audit:

  • Conduct a critical assessment of the current use of technology
  • Conduct an inventory of your technology tools and create a grid linking tools with audit efforts
  • Develop plans and strategies for internal auditors to leverage the potential of technology and keep pace with technological advancements
  • Establish close ties with the organization’s IT function to ensure you are pursuing complementary strategies and taking advantage of available technological resources and protocols
  • Develop a long-term technology strategy
  • Develop a comprehensive training program to support current and long-term technology use

As you assess your current technological situation, TeamMate is ready to help. Our tools are easy to use, and our professional consultants are eager to recommend best practices. When you are ready to implement a future-proof audit solution, TeamMate is the answer.

At TeamMate, we have built our tools to be future-proof by following The IIA’s six-step model. Through critical assessment, we determined that it was essential for organizations to have modern, integrated systems for audit management, data analytics, and reporting. We even went further as we have integrated risk and control management tools as well. Our audit software gives auditors the power to leverage current and future technology to enhance their audit departments.

We commit over 10,000 hours each month to developing TeamMate’s integrated tools. We dedicate more time each month than most audit software companies commit each year. We also publish at least two releases per year for each of our applications to ensure you always have the tools you need. Any software that is updated less than annually is not keeping up with the pace of technology. Our agile system design methodology encourages strategic planning with your organization’s IT function that will naturally lead to a long-term technology strategy. To ensure these long-term strategies will be achieved, we provide comprehensive training that focuses on the specific needs of each customer.

TeamMate is the relevant and reliable partner that focuses on the current and future needs of internal auditors. We take on the burden of keeping up with rapid technology changes so that you can focus on audit work that adds value to your organization. Check out our weekly webinars to see these tools in action and learn how you can adopt a future-proof audit solution today.

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For auditors who are challenged to improve audit productivity while delivering strategic insights, TeamMate provides expert solutions, delivered with premium professional services, to auditors around the globe and in every industry.