Introduction
This case study examines the challenges and solutions in the field of auditing, in particular communication and data exchange with internal and
external stakeholders. The focus is on the use of IURIO to optimize these processes in order to ensure a structured and secure workflow.
Background information
In auditing, auditors must communicate both with the company being audited and with third parties such as creditors and debtors. This requires the exchange of sensitive
documents, such as balance confirmations. Traditionally, this exchange is often done by email or even physically, which is inefficient and risky. A specialized system such as an M&A data room is rarely used as it is often not cost-effective. Nevertheless, the need for secure and structured communication channels remains high.
Task
- Unstructured document exchange: Companies to be audited often send documents unsystematically by email or USB stick. This makes it difficult for auditors to
keep track of which documents are already available and which are still missing. It is also difficult to identify and follow up on open questions regarding individual documents.
- Inefficient balance confirmations: Obtaining balance confirmations from creditors and debtors is a laborious process that is often handled by post. This leads to delays and a low response rate, as filling out, signing and returning these documents requires a great deal of effort. There is also the requirement that communication with the audited company and third parties must take place separately.
Solution
IURIO offers a comprehensive platform that addresses these challenges:
- Structured data exchange: By combining a data room with a task board, documents can be transferred in a structured and clear manner. Each party can create specific tasks for different documents and link them to corresponding folders. This enables the auditors to track the status of the submitted documents, identify open issues and clarify them in a targeted manner. Once the review is complete, the reports can be signed digitally directly, which further speeds up the process.
- Efficient management of balance confirmations: IURIO enables separate communication with creditors and debtors within the same project, without the company being audited being aware of it. The digital signature of balance confirmations speeds up the process considerably and simplifies handling for all parties involved. Automatic reminders can also be set up to replace manual follow-up and increase the response rate.
Conclusion
The use of IURIO in auditing offers a structured, secure and efficient solution for data exchange and communication with various stakeholders. Particularly noteworthy is the ability to handle the entire process digitally, which leads to significant time and cost savings. It is recommended to promote the implementation of IURIO in auditing processes in order to increase efficiency and ensure the security of sensitive data.
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