Automating audit processes
Harnessing the power of big data to drive audit efficiency
The situation
Deloitte had conducted audits for a global client for more than half a century. While the quality of the audit remained high, there were opportunities to leverage technology and digital investments made by both the client and Deloitte.
As the client took action to centralize its enterprise resource planning (ERP) system, utilize shared service centers, and further centralize many of its processes, Deloitte recognized the potential this created for an audit transformation.
Audit standardization—a key element of that transformation—was about creating a streamlined, effective, and efficient audit while maintaining audit quality across the Deloitte network. It was an action taken by Deloitte to reduce data collection efforts by the client’s teams around the globe while at the same time allowing Deloitte to spend less time wrangling that data and more time focusing on audit risks.
Leveraging automation saves client time during audit
The solve
With Omnia, Deloitte’s global, cloud-based audit platform designed to securely retrieve data and deliver scalable data-driven insights, there was less time spent selectively pulling data. Now, by securely and effectively connecting to the client’s global data, Deloitte reduced administrative duties on both ends and performed a more focused audit by further targeting areas of audit interest, all while saving time for the client.
The time the client spent on processing and reconciling data was reduced, which allowed the client to focus on “high-value” interactions with Deloitte. For Deloitte, more time meant more insights into the client’s business process.
This client recognized Deloitte’s ability to wrangle entire populations and transaction flows—and identify areas of increased risk by reviewing those populations. This translated into not only better audit insights, but also opportunities to standardize and centralize data requests for audits worldwide, creating a streamlined process.
Automating the data process also enabled auditors to ask targeted questions earlier in the audit process, locate redundancies faster, and provide better transparency in the process to reduce last-minute surprises.
World-class technology and data analytics professionals
The impact
Because of Deloitte’s transformed audit process, the client gained greater administrative efficiency and better transparency.
Traditional audits can involve significant manual effort in acquiring, preparing, reconciling, and standardizing data. Today, Deloitte’s data-driven audit includes world-class technology and data analytics professionals who specialize in harnessing large volumes of data, enabling a digital, risk-based audit.
Deloitte continues to work with this client’s teams throughout the world to simplify the audit process and add more visibility—and, of course, execute the highest-quality audit each year.
Transforming the audit process
