Challenge
David, the Chief Audit Executive with 18 global resources, is unhappy with his current spreadsheet-based Audit Issue and SOX Deficiency management process. He wants real-time visibility, collaboration, and accountability with global process owners and his team.
Current Approach & Problems
Historically, David’s team followed up on issues and deficiencies with process owners via email, and David summarized spreadsheets to provide status updates to the CFO monthly and the Audit Committee quarterly.
Poor visibility into issue status often led to insufficient follow-up and delays in corrective action implementation, a concern raised by both the Audit Committee and the CFO. The process was also inefficient, requiring repeated follow-up by Internal Audit.
Audit Prodigy Solution
After implementing Audit Prodigy, David found that:
- Global process owners can now update issue status in real time, creating a shared and collaborative workspace with Internal Audit.
- All stakeholders can view color-coded, real-time status for every issue, improving prioritization, accountability, and mobile visibility.
- Automated reminders eliminate the need for inefficient manual follow-up by Internal Audit.
- David’s team can export current issue status data into a spreadsheet for CFO and Audit Committee presentations with a single click.
Results
- Improved collaboration between Internal Audit and the broader organization, with the CAO exploring Audit Prodigy to enhance reporting workflows.
- Clear risk prioritization, stronger visibility and accountability, and more timely corrective actions.
