Internal Audit Technology Survey Aims to Help Auditors Increase Technology Value
Budgetary trends show companies are putting an increased focus on technology in the audit space, but internal auditors have room for improvement when it comes to determining how effectively they are using technology, according to the CCH TeamMate Internal Audit Technology survey.
The survey, conducted in September of this year, was completed by 585 internal auditors across the globe who use the TeamMate audit management system, offered by Wolters Kluwer’s ARC Logics business. The survey was developed to help internal auditors see how their peers are using technology, and consider ways they can use technology more effectively.
More than 35 percent of the survey respondents experienced an increase in their technology budgets this year. About 30 percent expect their technology budgets to increase over the next two years and more than half predict technology allocations will stay about the same. Less than 15 percent expect budgets to drop.
However, while roughly two-thirds of respondents say most of their staff has proficient technology skills, about 80 percent indicate their audit departments haven’t determined how effectively they are leveraging technology.
“There are a number of factors that can help auditors better determine the effectiveness of their technology initiatives, including ongoing training programs and the implementation of key performance measures,” said Mike Gowell, vice president and general manager, CCH TeamMate. “Technology can help ensure key business risks are being managed appropriately and can greatly enhance auditors’ productivity, but it requires ongoing assessments to reap those benefits.”
CCH TeamMate’s internal audit experts recommend a five-step approach in increasing technology value:
1. Convey the Right “Tone at the Top” – Strong leadership and support from the chief audit executive (CAE) can be a key factor in improving technology value at an organization.
2. Place a High Priority on Leveraging Technology to Boost Performance – Members of an internal audit department’s staff may be using technology tools, but beyond that, they need to also fully understand all of the applications available to them.
3. Hire Technology Skills Selectively – Hiring outside talent with experience in data analytics and data mining can jump-start implementation of major technology initiatives.
4. Train, Train, Train – It’s not only about mastering technical skills, but also retaining them.
5. Measure What Really Matters – Have performance measures in place to determine how effectively you are leveraging technology.
More information about this approach is included with the full results of the CCH TeamMate Internal Audit Survey online.
ARC Logics is a provider of proven audit, risk and compliance software solutions, information and services to more than 2,000 clients in over 100 countries. ARC Logics combines both solution-specific and enterprise integration to help legal, compliance, risk, finance and audit departments within an organization rapidly address their unique risk management needs, while building a holistic, enterprise-wide program. The business’ prominent brands include Axentis and CCH TeamMate.
ARC Logics is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues (2010) of €3.6 billion ($4.7 billion), approximately 19,000 employees worldwide and operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Visit our website, YouTube or follow @Wolters_Kluwer on Twitter for more information about our market positions, customers, brands, and organization.