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Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices by Anthony Tarantino

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CHAPTER 20

WHAT TO LOOK FOR IN AUDIT OPERATIONS APPLICATIONS

Julia Koo

20.1 AUDIT PROCESS

20.2 AUDIT OPERATIONS MATURITY MODEL

20.3 BUSINESS PAIN POINTS (LEVEL 1: INITIAL)

20.4 VALUE PROPOSITION OF AUDIT OPERATIONS APPLICATIONS

(a) Cost Reduction

(b) Reliability Enhancement

(c) Visibility Improvement

20.5 AUDIT OPERATIONS APPLICATIONS

20.6 STANDARD FUNCTIONALITIES (LEVELS 2 AND 3: DEFINED)

20.7 ADVANCED FUNCTIONALITIES (LEVEL 4: MANAGED)

20.8 NEXT GENERATION OFFERINGS (LEVEL 5: OPTIMIZING)

20.9 CONCLUSION

NOTES

The highest priority of any company's executive is to increase shareholder value. Moreover, Sarbanes-Oxley (SOX) has put something further on executives' minds: criminal liability. This chapter tells how an audit operations application addresses both of these issues. Furthermore, it discusses what considerations there are for choosing the one application that suits your needs—for both today and tomorrow; it analyzes today's pain points, presents current basic and advanced feature requirements for these audit operations applications, and foresees next generation applications' architecture.

20.1 AUDIT PROCESS

Audit is not a new concept to companies. The internal audit department's and external auditors' involvement in ensuring financial reporting accuracy has always been a part of doing business. Exhibit 20.1 shows an example of a simple internal audit process. Companies may have different versions of this process.

EXHIBIT 20.1 INTERNAL AUDIT PROCESS

Starting from the basic ...

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