Auditing, in most cases, is a compulsory function to ensure good governance & compliance to statutory requirements and company policies; however, it is expensive, time consuming, and can be inaccurate due to sampling and human errors.
Instead of manual audits, why not automate your complete audit function?
Aptus Data Labs has created an intelligent NextGen auditing tool – aptVeri5 that is in successful use internationally.
aptVeri5 uses cutting edge AI algorithms & generative AI capability to streamline & automate auditing processes, for both internal and statutory audits.
End-to-End Auditing Workflow
The solution streamlines every stage of your audit journey: from planning, that includes resource allocation, through audit execution, that includes auto verification and checks, to generating canned reports that includes advanced and insightful analytics. We empower you to proactively identify risks at predefined intervals and apply rectification measures. The resultant comprehensive and insightful Audit Report provides a view of the state of each governance process, thereby helping you achieve complete compliance.
System Config & Setup
Audit Planning
Audit Execution
Reporting & Insightful Information
During implementation the System is configured by defining the organizational structure for the audit, defining each risk & control, setting up of various roles such as auditor & auditee, and configuration of the tool to data sources & applications for seamless integration
The creation of audit plans for multi-financial years and business processes, and the allocation of resources to execute the audit plans in accordance with defined milestones and schedules. Audit Planning also sets the frequency at which audits are to be executed.
Execute the scheduled audits for the respective period on 100% of transaction data, including layered processes for each transaction and function. It enables both manual and automated control testing across multiple business processes; it allows the results to be reviewed before final Report.
Allows CXOs, auditors and auditees to view status reports & dashboards with preliminary audit findings., make adjustments, and trigger the Tool’s Generative AI technology to produce the Audit Report. This process facilitates greater agility in the end-to-end audit process.
aptVeri5 facilitates organizations to
Enhance audit efficiency by
90%
Improve risk assessment by
75%
Reduce audit cost by
70%
- Reduces cost of audits – Around 70% reduction in the annual audit budget.
- Enhances efficiency and productivity by more than 90%, reducing the time required for audit execution.
- Eliminates auditing errors that results from sampling and the human factor – 100% error free audits.
- Facilitates effective audit planning and automates audit execution through the deployment of cutting-edge AI and Gen AI technologies.
- Decreases reliance on senior audit and technical personnel freeing them to carry out other work.
- Allows scheduling of audit tests to run in the background at specified intervals.
- The integrated auditing platform of aptveri5 eliminates the need for multiple audit applications.
- Consolidates Audit Planning and Audit Execution functions in a unified platform, ensuring a smooth, streamlined and efficient process.
- Facilitates Risk Management through Controls and testing of any designated business process.
- Executes auditing of 100% of business transactions, including the various layers of each transaction, and each level of control for each transaction.
- Proactively monitors business data to detect risks and anomalies and allows rectification measures to be undertaken timeously so that they not are reported for regulatory compliance.
- Efficiently organizes audit plans, fieldwork, control testing, reviews, and documentation processes, thereby streamlining operations and boosting overall effectiveness.
- Facilitates seamless data integration from various heterogeneous data sources, applications, ERP, and data formats.
- It integrates with Big Data and OCR to extract data from non-structured formats such as PDF and images.
- Incorporates Data Locality functionality, ensuring accelerated data processing & greater efficiency.
- Supports an advanced query engine to handle large & heterogeneous datasets of large organizations operating across different regions.
- Leverages AI/ML models and Generative AI capabilities to automate & generate the preliminary findings, provides in-depth data analyses, reports and dashboards.
- A scalable, web based, intelligent app that can be easily hosted on either a cloud service or on-premises platform.
- Levels of authorised users for levels access control ensures data security and privacy.
- Includes a customized scheduler that will be configured during implementation so that audit tasks run automatically in batch mode.
- Maintains audit logs for review of the actions performed.
- Maintains strict version control of the library of scripts & Easy and common license pricing model.
- Integration with downstream applications or external agency for regulatory compliance.
- Utilities for bulk loading of data for system setup.
- Customised data dictionary to help the business to enhance the auditing functionality for regulatory purpose.
- Remote 24×7 international app support available on email, chat and phone.
- Support to different data formats such as JSON, CSV, EXCEL, PDF, ERP and Database connections.
Solutions for every business – Our Use Cases
BFSI – MNC Bank, South Africa – Strengthening Financial Audits
One of the major South African banks faced huge auditing challenges because of the manual auditing processes used and the very high number of financial transactions that went through their books each year, resulting in poor Audit Reports. The underlying cause of the poor audit was the defective sampling techniques used that did not adequately account for the compulsory statutory requirements for financial institutions there. With the implementation of Aptveri5, tracking of 100% of financial transactions was automated, custom modules for regulatory alignment was developed, and continuous monitoring was enabled. aptveri5 improved transparency of financial transactions, enhanced fraud detection capabilities, and streamlined compliance with regulatory requirements..
Manufacturing – Major Sugar & Ethanol producer, India – Ensuring Compliance and Quality Control
An Indian sugar & ethanol manufacturer faced issues and inefficiencies due to the use of manual auditing, sampling errors in the selection of business transaction for auditing,, as well as issues related to Quality Control in the manufacturing process. Aptveri5 provided an integrated solution platform for Audit Planning and Audit Execution ensuring audit tests across the entire business transaction population thus eliminating inefficiencies due to sampling errors as well as enabling smoother Quality Control processes.
Retail – Global retail chain, South Africa – Streamlining Inventory Audits
A major retail chain with several hundred stores around southern Africa struggled with inaccurate auditing results due to sampling errors and inefficiencies. Aptveri5 automated audit planning and execution across all major business processes, integrating seamlessly with existing systems and platform. Given the extremely high volume of transaction traffic every minute, It reduced manual effort by 50%, drastically minimized errors, and provided real-time insights into business operations for improved decision-making.
Pricing
Fill the contact form or mail us at [email protected] for enterprise pricing
