Many organisations today rely on software and automation tools for more efficient accounting and financial reporting. While these solutions are reliable, issues can arise when they are used in a way that can cause compliance and security risks. Technical and analytical audit procedures are designed to uncover and correct these issues.
Brown Auditing Services provide thorough and tailored technical auditing services for organisations in New South Wales. Here, we explore what a technical audit can involve and how to prepare for one.
Understanding Technical Audits
Technical auditing is similar to standard financial audits, however, they tend to place increased focus on the technical systems, processes and software used to report, record and verify financial information and data. Technical and analytical audit procedures aim to evaluate the effectiveness and reliability of control systems and financial reporting software. The process helps identify weaknesses, improve processes and ensure compliance.
Prepare Ahead of Time With an Technical Audit Checklist
When preparing for a technical audit, going through the following checklist is a great way of improving the outcomes and streamlining the process:
- Gather relevant documentation
- Reconcile accounts
- Update software
- Review policies, procedures and processes
- Review data security measures
- Involve relevant staff in the process
- Flag any potential risks or issues
- Address any previous audit findings
- Designate a key contact for auditors
Once the audit commences, maintain open and transparent communication with your technical auditor throughout the process.
Tools for Technical Auditing
Technical audit risk assessment procedures and tools are making it easier and more efficient to evaluate financial information. This includes the ability to test entire sets of data rather than relying on limited samples. As a result, auditors can pick up on more anomalies, access better insights and achieve a more thorough compliance risk management process.
Take a Proactive Approach
By regularly reviewing and updating your quality control systems and financial reporting software, you can ensure you meet evolving industry standards and requirements. Fortunately, many accounting softwares make it easier to be proactive about compliance.
Automated monitoring tools allow you to identify and resolve anomalies and implement compliance risk management measures on an ongoing basis as part of your internal controls. This helps find issues early without needing to rely on it only being uncovered by an auditor later down the track.
Importance of Compliance
All organisations are required to comply with rules and regulations, but it goes beyond avoiding penalties. Compliance helps improve the way your organisation runs, improving its financial security, performance, relationships and reputation. When preparing for a technical audit, think about the bigger picture. Focus on improvement and how the process can help you find better ways of doing things.
Contact Us for Audit Support Services in New South Wales
For tailored technical audit risk assessment procedures and services in NSW, book a no obligation consultation with Brown Auditing Services. Call us today on 0428 661 200 or contact us online.