AuditBoard, a leading cloud-based platform dedicated to transforming audit, risk, compliance, and ESG management, has introduced new analytics capabilities designed to assist assurance teams in the United Kingdom. The latest features aim to automate workflows, surface critical insights, and help organisations manage the increasing complexities of risk.
The new AuditBoard Analytics tool will support companies in complying with the UK Corporate Governance Code, which was recently updated and is set to take effect in early 2025. By proactively adopting these reforms, businesses can enhance their overall performance and resilience, gaining a competitive edge in the marketplace. A recent survey conducted by AuditBoard revealed that 88% of audit, risk, and compliance professionals regard compliance with the updated Corporate Governance Code as a high priority for 2024, with particular urgency noted in the industrial and technology sectors.
AuditBoard’s analytics and AI-driven automation provide customers with streamlined processes for understanding controls performance and managing risk across their organisations. The newly launched capabilities allow customers to:
- Expedite audit testing through automated workflows that operate in seconds.
- Enhance analysis by enabling teams to quickly identify anomalies, such as significant variances and unusual payments.
- Improve audit execution effectiveness by maximising assurance.
The platform prioritises swift implementation with purpose-built workflows designed for immediate use by internal audit and control teams. Additionally, a no-code workflow builder empowers users to create custom analytics without needing coding or extensive data analysis expertise, offering the industry’s most flexible analytics solutions for audit teams.
Elizabeth J. Folsom, Vice President and Chief Audit Executive at Population Services International, praised AuditBoard Analytics for enhancing compliance with global auditing standards. She noted, “AuditBoard has enabled us to perform comprehensive testing on entire data populations instead of relying on limited samples, improving the efficiency and effectiveness of our analyses. Previously, our auditors spent considerable time extracting and analysing data manually. Now we are able to automate these processes, allowing us to provide higher quality data and reduce human error.”
Vidhi Bhansali, Head of Product Marketing for Audit and Controls Management at AuditBoard, expressed excitement about the new features, stating, “AuditBoard Analytics provides a user-friendly way for teams to garner valuable insights to drive efficiency and optimise business value for their organisations. We are thrilled to introduce these platform innovations in the UK, helping businesses effectively navigate rising risks, updated regulations, and evolving requirements.”
AuditBoard’s continuous innovations have garnered significant recognition from customers, who have rated the platform as a market leader in G2’s Grid Report for both Audit Management and Enterprise Risk Management categories for an impressive 20 and 19 consecutive quarters, respectively. The company was also acknowledged as a Top 100 Software Product in G2’s Best B2B Software Awards for the second year in a row and received the 2024 Gartner Peer Insights™ customers’ choice award for Audit Management.
For those interested in seeing the new analytics capabilities in action, more information can be found at AuditBoard.com.
