How a software audit tool is powering virtual audits
Software audit tools are transforming audits, reducing manual work, and increasingly enabling virtual audits. See how Datricks empowers auditors with AI-driven insights for continuous Financial Integrity.
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Software audit tools have transformed the way audits are performed, and this progress shows no signs of letting up. When business was primarily paper-based, it made sense for auditors to visit clients’ offices, go through files to find source documents, and perform the majority of their testing at the client.
Today however, software audit tools can plug into a client’s systems, and perform the majority of the audit work needed to confidently express an opinion.
The effects of software audit tools and increasingly virtual audits
There are several major ways in which software audit tools are impacting the adoption of more virtual audits. For example:
- Focus auditor efforts: Auditors can immediately gain the intelligence needed to pinpoint and prioritize the most critical audit areas.
- Reduction of audit costs and time: With technology doing the heavy lifting, audit firms can deploy fewer resources, and get better results, at a lower cost – a saving that can be passed on to clients, and with the additional time gained back the auditors can provide clients with high-impact insights.
- Ensure compliance: Auditors can leverage a software audit tool to track and address Segregation of Duties (SoD) breaches, and other failures of internal controls. With increasing reliance being placed on internal controls, ensuring that this environment is functioning effectively is crucial for the overall success of the audit, as well as the financial integrity of the client entity.
How are software audit tools powering this revolution?
Audit software tools are completely changing the face of audits. Traditionally, auditing was an event that involved a high degree of face-to-face contact and on-site work. Today, virtual internal audits are becoming considerably more popular. This saves time and costs and most importantly helps auditors shift their resources from data gathering and tedious manual work, to strategic tasks. All data gathering and analysis can now be done using technology.
Furthermore, as business models continue to evolve, new levels of complexity are introduced for audit management. The risk of exposure has also increased dramatically. This reinforces the need to deploy innovative software audit tools that enable businesses to remain compliant with the growing changes of circumstances and regulations.
Datricks provides a software audit tool that’s built for modern enterprises
With the volume and complexity of transactions today, the Financial Integrity of organizations is vulnerable to human errors, non-compliance, and fraud. Datricks is an autonomous solution that equips auditors with the tools to detect and address these exposures with greater accuracy and efficiency, shifting audits from reactive assessments to proactive oversight.
Its Financial Integrity Platform operates through Autonomous Process Discovery, which continuously analyzes financial workflows without manual input to provide full business context; Integrity Exposure Detection that leverages AI and ML to identify anomalies and material exposures in real time, ensuring comprehensive coverage; and Integrity Intelligence which serves as a centralized control tower, enabling auditors to assess financial health at scale and focus on the most critical findings.
Datricks allows auditors to strengthen trust by examining 100% of financial transactions, consistently surfacing key exposures.
By ensuring airtight Financial Integrity, auditors can enhance the depth and impact of their findings, streamline their workflows, and deliver sharper, data-driven insights that improve financial governance – and do all of this continuously and autonomously.