Compliance is complicated. That’s the sentiment echoed by 800 senior compliance officers responding to a Thompson Reuters survey. When asked to rank their top challenges, most put managing continuing compliance changes at the top of the list.
Every year, regulatory frameworks ranging from Sarbanes Oxley to the NCAA rules undergo updates and revisions. In many cases, those changes must be reflected in a company’s internal auditing practices. Fine-tuning practices around one set of rules is challenging enough, but revising them regularly adds another layer (or multiple layers) of complexity.
Relying on SAP reporting tools to get data out of the ERP and into compliance audits doesn’t help the situation, either. These tools tend to be rigid and inflexible. Auditors can adapt them to one version of regulations with some effort, but when those regulations change and audits require new data from different sources, the process can break down. It’s not hard to see why compliance experts see regulatory changes as their biggest risk.
No matter what industry a company operates in, the challenges of compliance, and by extension auditing, aren’t going to get any easier. What can improve is the auditing process. Instead of trying to work around the limitations of SAP reporting tools, consider replacing them with GL Wand from insightsoftware.
GL Wand integrates with all versions of SAP ERP, seamlessly pulling data out of that system and into an environment built specifically for reporting and auditing. The enhanced capabilities of GL Wand allow auditors to respond to major or minor regulatory changes as they inevitably appear, but that’s just one of many ways that smarter technology improves the auditing process. Here are several other things you can do with GL Wand:
- Eliminate Manual Inputs – GL Wand automates much of how data is collected, integrated, and organized. Auditors save significant amounts of time when they don’t have to manually build audits from the ground up. Plus, audits are available much faster when automated.
- Reduce Data Errors – In addition to being inefficient, manual auditing can lead to errors and other mistakes distorting the data. Automation excels at managing high volumes of data with high precision, making it the natural tool to improve the accuracy and consistency of compliance audits.
- Immigrate to Excel – SAP reporting tools are unwieldy, which is why GL Wand moves auditing into Excel. Every auditor knows their way around spreadsheets. Excel is also the natural site for auditing given that it is designed for managing and manipulating large amounts of information.
- Enable Ad Hoc Auditing – Auditors have an expansive toolkit to work with inside GL Wand, one that offers a lot more depth and flexibility than native SAP reporting tools. Those tools are also much easier to work with, so much so that auditors need no assistance from the IT department. Building audit reports and populating them with the correct data is simple enough for anyone to do on their own.
It’s worth reiterating the risks of anything less than exceptional auditing. At best, it’s inefficient, wasting resources looking backward instead of forward. At worst, ineffective auditing leads to compliance breaches that can be very expensive to recover from. The point is, auditing is more than just a requirement; it’s also a liability. GL Wand is here to mitigate that risk and make auditing effortless along the way. To experience its auditing capabilities in action, please contact us.