Reynolds Group improves audit efficiency and quality with Pentana
The criteria that Reynolds applied to the procurement of their audit automation solution encompassed the needs to:
- Deploy a standard audit methodology across all audit teams
- Capture multiple types of information in one easy to access location: audit universe, controls (SOX and Non-SOX ), audit programs and work papers, audit findings and ethics hotline case tracking to allow for analysis and reporting to management and the audit committee.
- Create reports efficiently and in a timely manner
- View all segment audit work papers from a central location for quality
- control purposes
- Increase the efficiency and effectiveness of the audit process
- Implement a comprehensive database of tests that could be shared across the group (rather than starting from scratch with each audit)
- Make it easy for the audit lead to review work when all papers are clearly organised and labeled
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Benefits
- Thousands of hours of auditors’ time saved each year
- Increased accuracy of audit reports and management information
- The audit process is easier to control and manage
- Stronger management of SOX compliance
- Improved quality control described as “priceless”
- Rapid implementation and deployment delivers rapid benefits realisation