Audit Efficiencies & Centralized Workflow
Audit Team Automated Risk Assessments, Enabled Offline Daya Gathering, and Made Audit Reporting Easier With Highbond
The client is a global company that develops and produces innovative equipment, consumables, and services for the mining and infrastructure industries. It provides equipment for drilling and rock excavation in more than 150 countries and has annual revenues of US $4.4 billion.
This Company has clients and customers all over the world, and a large amount of work to be completed with a small team. The Swedish audit team, led by Kathlen Narcisi, head of internal control and assurance, audits about 40 entities per year, with audit work conducted both onsite and offsite.
The team’s audit software wasn’t achieving their audit goals, with many common problems and complaints. They looked for a solution in 2016, and considered Galvanize (then ACL), but the organization’s IT security audit function was already using a competing product that was expanded into audit. In 2018, the audit team was freed to pursue a more suitable platform.
The team needed a purpose-built flexible software solution with much more functionality. Supporting offline work on tablets, improving team efficiencies, providing better workflows, and increasing use of data analytics were high on their priority list. the one of main feature who can get interest from highbond is the ability to automate their control self- assessments and risk assessments.
The team was searching for one platform to store, access, and work with all of their audits and workpapers. They also needed more structured workflows and required a solution to one of their ongoing challenges: generating more efficient and timely audit reports.
“Generating an internal audit report used to take up to four weeks after we finalized fieldwork. With HighBond, the report is done while we’re onsite. The efficiency gain is tremendous,” said Kathlen.
The team was amazed with the speed at which they were able to implement the new software, and how quickly team members have been able to get up to speed with it. Plus, customer service is always just a quick phone call or email away.
“The customer service aspect for me plays a big role. It really started with a great salesman. You know, I can email him, he replies sometimes even within 10 minutes. I’m amazed by that,” said Kathlen. “From the very beginning, he ensured that we had all the resources that we needed, he helped us with scheduling and arranging on-site training sessions, and we were also able to arrange even more detailed analytics and scripting training in the UK.”
With the efficiency gains in their function, Kathlen and team were able to take over more responsibilities, like balance sheet reviews and corporate investigations—both of which are documented using the Projects workflow in HighBond.
Kathlen said that audit employees from all over the world visit once a year to conduct audits and that they used to dread having to use the old system, but have responded very positively to HighBond and embraced it.