Technology is transforming financial service companies at a fast pace.
Digital transformation in the financial sector is enabling the financial services companies to identify & transform into new ways of serving the clients.
The financial companies operate in a highly dynamic environment that requires them to change as per the market needs. This digital transformation helps them to meet the demands of the stakeholders, with greater transparency and trust.
The companies are adopting digital audit to become more agile, adaptive, & efficient. Apart from that, to meet the requirements of the customers the companies are restructuring their model. To do so they are innovating the banking methods, digitalizing the platforms, improving the data quality, maintaining the accuracy of reports, and exploring the different platforms.
Nowadays, digital technology is every phase of the audit. From initiation & planning to the risk assessment & conclusion, everywhere the latest technology & approaches are used. Various companies are implementing a cloud-first technology strategy for enabling the transformation in the audit.
Every company works towards building trust & digital audit is one of the best ways to provide greater insights & perspectives regarding the working.
Here is how it is helpful to the auditors –
- It helps them to understand the internal process of the company properly.
- It helps them to interrogate or verify the large samples of data.
- It helps in saving a lot of time.
- It helps them to learn a new set of skills.
- It helps in better risk assessment.
Benefits of digital audit –
- It helps in improving efficiency by eliminating all the reasons that contribute to the delay in operations & increases cost.
- It helps in identifying the key points & builds a roadmap to achieve the business goals.
- It helps in bringing transparency.
- It helps in resolving the errors quickly.
- It makes sure that the results are accurate.
- It also helps in online competitors’ analysis.
We at BFAG have been working tirelessly towards developing a solution known as COMPLIANCE iNBOX (CiB). It is a one-of-a-kind application that enables you to easily connect with the clients in real-time to deliver smart audit service. With CiB, you get:
- Audit plan tracker with Audit Trail.
- Previous years of data in the repository.
- Standard Audit Templates
- View of work in progress completed activities.
- Independent access to Auditors can restrict change once the activity is completed.
Need help regarding digital audit? Or want any help in budget planning or financial management? Well, do not worry! BFAG is there to help you. We are just a call away.
For any assistance, contact us! Visit our website for more details.
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