An increasing number of companies are turning to software applications to perform consolidated financial reporting, forming the basis of the figures provided for an audit. One of the major products in the financial consolidation space is IBM Cognos Controller, formerly Frango.
The WB Partner Network has considerable experience of the IBM Cognos Controller application having been involved in the design, implementation and development at numerous companies throughout UK and Europe. Our consultants are not only accredited by IBM, they are all financially qualified and most have worked as auditors for one of the large audit companies. We therefore have an appreciation of the objectives of the auditing process.
Over the past year we have had first hand experience of the auditors role and processes where IBM Cognos Controller forms the basis for the reported figures. In some cases it is the auditors themselves who have strongly recommended the application to the client. Our experience is that, in every case, the application itself and the questions asked were completely different not only between audit firms but also from different auditors and offices from the same audit firm.
Whilst IBM Cognos Controller is a configurable application, the fundamentals of design and control functionality within the application are such that these remain constant from one company to the next.
Based on the above, it is our firm belief that there is a standard audit approach that could be designed and adopted where a company uses IBM Cognos Controller as the financial consolidation application. This audit approach, once designed, documented and trained, could then be used as a blue-print for all audits where IBM Cognos Controller is in place. In our opinion the benefits of this approach to the client as well as the audit firm would be significant and include:
· A standard approach reducing risk to the auditor
· The blue-print would highlight areas of risk where further audit work is required
· This would also provide high quality audit points to be raised with the client as a value add
· Audit time could be reduced and work concentrated on areas of risk
· The clients perception of the audit process would be significantly raised
Please contact us for further information
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