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“This dynamic business world requires an audit process that can adapt
easily to changing circumstances. A fundamental feature of the revised
[Sarbanes Oxley] audit process is its ability to adapt to the unique facts
and circumstances of businesses.
In other words, auditing firms that are not able to customise their
procedures are at risk – as are the audits they undertake. BI technologies
help reduce that risk by automatically providing auditors with the kind of
information that allows them to very quickly understand “their clients'
operations, their business objectives and strategies, and the risks to
achieving these objectives”.
A rather remarkable example of doing exactly that is Canada Post's
internal auditors’ use of a BI system to analyse the potential for cost
containment, recovery and efficiency gains in the organisation’s collection
and delivery operations, which are distributed across the country in 450
installations. Implemented in late 2005, the BI system allowed quick
access to data from the corporate SAP system, enabling the audit team to
pinpoint control weaknesses and potential exceptions. In just one month,
the audit team identified CDN $10,000 in bonus overpayments and almost
CDN $4 million in excessive overtime.
Losing the time to think
A corollary of the massive increase in the volume of information being
driven by pervasive IT systems is the fact that managers are becoming so
snowed under by that information that their decision-making capabilities
are actually being impaired rather than supported by IT.
“In other words, both industries have the same goals, but different
approaches for getting there. Both desire to deliver accurate, valid
information to decision makers. However, the BI industry offers a carrot,
the compliance industry a stick! Organisations that have heeded the call
of BI already have the expertise, if not the processes and tools, for
complying with new, informationcentric regulations.”