Audit Fieldwork

A more flexible and effective audit approach for finance teams

What was the pain point?
The client’s finance team found the audit process very stressful, with a constant rush to provide audit information on top of day-to-day activities.
The work was largely performed during a 2-week period onsite. A team of 3 auditors would interrogate the financial information, requesting system reports, spreadsheets and a number of supporting documents.
This approach often meant both teams worked long hours to try to stick to the agreed timetable, with little time available for the work to add value to the business.

 

How did Inflo help?
By extracting every transaction from the client’s system, Inflo significantly reduced the number of system reports the finance team needed to provide. The audit team used this data to remotely select samples that same day, sharing them weeks in advance of the onsite visit.

The finance team were then able to prepare these invoices more flexibly around their other commitments taking full advantage of functionality in Inflo such as photographing information directly to the audit team to save time.

What was the result?
The client team were incredibly appreciative of the new approach. They estimated it had reduced the time they spent by over 30% and the additional flexibility meant they had more control.The audit team were less time constrained and were able to build stronger relationships with the finance team. They spent time speaking with the team about the analytic findings from Inflo, identifying an opportunity to make month end easier for the client in the future by removing a number of manual processes performed outside of the main system.