At a glance
| Customers | Several clients in different industries |
|---|---|
| Engagement | AI-led internal audit: finance and accounts |
| Processes | Procure to pay, order to cash, record to report, reconciliations, segregation of duties |
| Fieldwork | 15 man-days down to about 4 man-hours |
How the work was done before
Audits were run by hand: about 15 man-days of fieldwork each. Data came from several sources, in several formats. Reconciliations were worked through one at a time.
What IRAME runs
IRA ran these tests on every transaction in each process area. Each row shows the kind of check.
| Control | Example |
|---|---|
| Procure to pay (P2P) | Payments are checked against their POs and invoices. A payment made twice is flagged. |
| Order to cash (O2C) | Sales invoices are checked against their orders and receipts. |
| Record to report (R2R) | Journal entries are tested for patterns that need a second look. |
| Reconciliations | Ledger balances are matched to their supporting records. |
| Segregation of duties (SOD) | A user who can both create a vendor and approve its payment is flagged. |
What it found
The published results for this work do not include exception counts. Ask us on a call and we will explain what the checks look for.
Results
| Measure | Before | With IRAME |
|---|---|---|
| Fieldwork per audit | 15 man-days | About 4 man-hours |
| Speed of fieldwork | Manual | About 30× faster |
Who runs it day to day
Internal audit runs each engagement; IRA tests the full population for each process. Auditors review each exception and decide whether it is a finding. Findings go into the report as Finding, Impact, Risk and Recommendation. For a US team, the same tests cover the P2P, O2C and R2R key controls in a SOX program.