Longwood University streamline their internal audit process with Ideagen Internal Audit
Longwood University in Virginia is renowned for its historical links to both the end of the Civil War in 1865 and the beginning of the Civil Rights Movement in the 1950s
However, for an institution that has demonstrated and embraced progression over the decades their internal audit process was considered archaic in 2014 by their newly appointed Internal Audit Director.
Ella said “Progression shouldn’t be limited to our University’s values but should be incorporated in our processes.
It was time to evolve from a manual, pencil and paper driven audit process to an electronic, automated system”
“Our internal audit team are relied upon to provide independent and objective assurance that the University’s risk management, governance and internal control processes are operating not only effectively but also efficiently.
To carry out our role effectively we first had to look at our own internal audit process and efficiency was certainly an area for concern”
With their legacy system it was impossible to track the time spent on audits.
However, it was clear to Ella that the work hours of each of their audits were outrageously and needlessly high and the fundamental cause was one of the simplest issues to address – the lengthy process of re-numbering manual work papers.
“Our internal audit team are relied upon to provide independent and objective assurance that the University’s risk management, governance and internal control processes are operating not only effectively but also efficiently.
To carry out our role effectively we first had to look at our own internal audit process and efficiency was certainly an area for concern”
With their legacy system it was impossible to track the time spent on audits.
However, it was clear to Ella that the work hours of each of their audits were outrageously and needlessly high and the fundamental cause was one of the simplest issues to address – the lengthy process of re-numbering manual work papers.
During the review process, even the smallest change was likely to affect the page number within the audit.
Taking into consideration the subsequent impact on cross referencing then it was easy to see how quickly and frustratingly the work hours on each audit were escalating.
Having worked with Ideagen in previous roles, Ella knew immediately that this was an issue that could be easily resolved and was keen to introduce Ideagen Internal Audit to Longwood University.
Ideagen’s internal audit software empowers internal audit departments to save essential time, increase efficiencies and maximise the power of collaborative working.
Almost immediately the team were experiencing the many benefits.
With Ideagen they eliminated the need to set up word documents, the necessary printing to accommodate reviews and ultimately the valueless page numbering exercise.
With the time recording functionality in Ideagen the team were also able to record the time taken to complete audit projects and track the relative expenses.
Armed with this new information the team have estimated that they are now saving 100 working hours per audit and with an average of 12 audits every year Ella is delighted with this “astounding saving”.
Sustainability is also an important value of Longwood University and implementing Ideagen Internal Audit is supporting the University’s work to reduce their environmental footprint and promote a more sustainable future.
With Ideagen they have eliminated a substantial amount of manual workpapers which is helping them conserve both energy and paper.
Benefits
Improved productivity and efficiency with time savings
Streamlined internal audit process
Swift implementation
Environmentally friendly audit process
With Ideagen Internal Audit we are saving approx. 100 working hours per audit and with an average of 12 audits every year that is an astounding saving.
Intuitive internal audit software that connects everything and everyone in your audit universe.