$625.3 million penalty for not catching up with systemic control failures. Need of the hour : Transparency & Agility in Audit Processes

As per a recent Wall Street Journal article, a leading Big Four Company is charged with $625.3 million fine for failing to catch a fraud scheme that helped cause one of the biggest bank failures of the financial crisis. It was found that the Big Four Company had violated auditing rules by failing to design its audits to detect fraud. This  instance is one of the largest judgments or settlements ever for malpractice by an accounting firm, and brings forth the lingering concerns on the growing need to have Transparency, Agility and Automation in Audit, Compliance, Risk and Governance processes.

The Business landscape today is dynamic and highly influenced by rapid change in Technology and geo political instability that lead to significant Business Risks such as Fraud Risks, as discussed in our previous posts. The Boards, the Audit Committees and the Regulatory authorities worldwide are focusing on enforcing existing laws and developing new, more stringent Regulations concerning bribery, corruption and fraud. The increased number of Regulations continue to surface the need for strong forward looking Leadership, adapting to Emerging Technologies for Audit Automation and structured Compliance programs.Companies that have adapted to the changing Regulatory environment and Audit Automation requirements and have taken proactive steps to implement the proper controls within the organization, will be best prepared to stay ahead in the competitive global economy.

While numerous Organizations across all Industry Verticals have made significant transformation over the past decade by adopting Emerging Technologies like Cloud Computing and Automation to address the challenges of Compliance, Audit and Fraud Risks, achieving Transparency and Agility in Governance has been still a difficult goal for many Companies.

Utilizing Automation in Audit processes not only renders Time as well as Cost efficiency, but also instills Transparency through the use of functionalities like Artificial Intelligence powered Analytics for Reporting/Dashboarding, Real time and Secure Official Collaboration and Anytime, Anywhere Any Device Governance. Being an award winning Governance as a Service® platform delivering Governance, Risk, Compliance and Audit Automation applications to Companies globally, our mission is to Democratize Governance Worldwide leveraging Innovation and our Robust Governance, Risk and Compliance Solutions built on Salesforce.com platform is constantly updated with the latest in Audit, Risk and Compliance like the newest GDPR (General Data Protection Regulation) Compliance, which makes Governance a competitive advantage.

Stay tuned on our blogs to know more on Governance,Risk and Compliance best practices.

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