Redesign Audit with

Intelligent Automation
Exponential Digital Solutions
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A flawed audit program design defeats
the very purpose of audit

01. 02. 03 04.

Gathering sufficient audit Lack of a workflow within Increasing complexity in Gathering sufficient audit
evidence due to lack of a various functions make systems financial reporting due to lack of evidence due to lack of a
robust document management disparate process and procedures robust document management
process process

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Redesign Audit program
by embedding Emerging Technologies

Artificial
Block Chain Big Data Analytics RPA
Intelligence

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Easily adaptable audit procedures
for Intelligent Automation
Document and Verification and
Artifact
01 evidence
management 02 gathering 03 validations of
artifacts

Interactions with Issue reporting

Follow-ups and
04 GRC platforms and
other automated 05 reminders 06 and response
validation
tools and platforms

Remediation status
Initial report
07 generation 08 checks and
follow ups

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Business Controls

Controls are consistent repeated activities involving logs and

documentation and hence a great candidate for automation. Execution of
various checks and balances can be automated to make it more efficient
and effective.

For example, reconciliations, post-transaction checks/validations, online

transactions, etc. if done manually takes considerable effort, but once
automated they can be tested and reviewed real-time or through
scheduled activities using Intelligent Automation (IA).

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Control Testing

Evaluating a control’s operating effectiveness by performing periodic

management testing can be made more frequent with RPA. With manual
testing the efficiency of controls testing is less due to high volume and
inadequate samples . With automated testing, full populations of data
rather than sampling can be tested which will result in greater confidence
on the controls. Pre-defined testing plans and test scripts can be
executed via automation.

In the event of a control deficiency, it can be intimated to get real-time

results. Remediations that require continuous follow ups for a longer
duration will yield greater results with IA.

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Compliance Testing

IA can be used in in compliance tests in order to be assured that the

evidence being reviewed as part of an audit is valid. This involves
reviewing documentation and validating the data from event logs to see if
procedures have been followed correctly.

For example, in case of a revenue audit, auditors can make use of an

Intelligent Automation program to automatically match purchase orders,
invoices, and shipping documents. The program can check that the price
and quantity on each of the documents match.

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Monitoring and Surveillance

Detection of alerts and prioritizing them based on certain logic assigned

through automation makes it easier for a focused alert investigation.
Robots also makes monitoring easy to identify suspicious and unknown
patterns of activities.

Through RPA, system tests, test data execution, scripted test runs, log
verification, etc. can be automated and run real-time to attain immediate
detection capabilities.

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Fraud Detection

RPA with cognitive capabilities could be used for detecting and curbing
fraud effectively. Information that may be subject to manipulation are
identified as and verified using AI methods.

Validation of data and signature authenticity can be verified. Some of the

tests are signature color test, text test, cut & paste test, uniformity test,
test for broken digits, textured background and unaligned text etc.

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Benefits of Intelligent Automation in Audit

Increased Ability to provide more Reduced cycle Reduced manual effort

Greater coverage
visibility for audit real-time monitoring time for audit

Cost saving Quality enhancement Risk reduction Increased

risk intelligence

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 Talk to our Experts

connect@10xds.com

+91 96866 60290 +971 50 800 3308 +973 32069393 +968 9400 0743 +965 6655 4332

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