Process Validation BOTs
A PwC India Product
In industries, attracting and keeping internal audit staff has become a challenge. Even though overall hiring expenditures for auditors have increased, filling posts has never been more difficult and subject matter requirements are also growing at an exponential rate. PwC's Process Validation BOTs helps your business in automate its day to day auditing processes like delayed cash accounting, duplicate invoice processing, debtors management, vendor management etc. BOTs can perform many operations such as SAP, Excel , extracts reports, search entities, creating pivot tables & performing excel calculations. It's a correct combination of controls for shaping up a successful automation journey.
Challenges
The auditing processes involves lot of data processing which consumes excessive human effort and is time consuming. This tends to consume a lot of human capital & end up consuming time affecting the employee’s productivity hours
Working on internal audit trails can be tiresome at moments where-in there are a lot of files to be dealt with. Each file contains many details which are some how interlinked in nature & constitute the whole information structure
In audit processes it is usually found that there are lot of transactions with different Vendors on day to day basis over mails or company portal. So tracking details of these vendors is a tedious task
Internal auditor deals with lot of transactions and there can be some occurrence of human errors while processing these transactions. Validating and correcting any errors consumes lot of effort and time
BOTs at a Glance
Internal Audit Control
1. Credit Card Reconciliation
BOTs downloads Monthly Progress Report report from email / bank portal and compare with credit card transaction dump from ERP system using ‘approval code’ present in both reports. Verify through charge slips for exceptions.
2. Payment Check
Verification through underlying documents: Extract the invoice details from email etc. and verify the invoice posted (vendor name, GSTIN details, description entered etc.)
3. Post facto Purchase Orders
BOTs Compares Invoice Date and PO date in SAP to identify instances where services were taken before PO approval. Verification is done through underlying documents.
4. Employee Master Controls
BOTs to verify data captured in SAP with underlying documents i.e. Digital copies of approved Employee Joining letters stored in specific folders.
5. Vendor Master Controls
BOTs to verify data captured in SAP with underlying documents i.e. Digital copies of approved Vendor forms stored in specific folders.
6. Duplicate Invoice Processing
Extract supplier invoice listing from SAP to identify potential instances of duplicate invoice postings using formulas and fuzzy lookups. Verification is done through underlying documents.
7. Delayed Cash Reconciliation
Download bank statements from banking portal and compare with the accounting in SAP for the delayed entries.
8. Debtor Accounting
Verification through underlying documents: Extract customer ledgers to identify receipt entries and use BOTs to compare the applied payment entries with ‘Remittance Advices’ received via emails.
Key Features
We are bringing right combination for shaping up your successful Automation Journey
- Fostering BOTs usage into day-to-day work tasks makes audits professionals mindset shift from mechanical mundane deliverables to a more intellectually oriented challenges
- This in turn boosts an employee’s productivity scale helping achieve better results
- Proper sanity checks & scrutinization of laws, regulations & industry standards by inculcating usage of BOTs which helps foster complete compliance
- Automating data validation, invalid entry identification, report creation, etc. tasks can be very helpful for the audit professionals boosting their productivity hours
- Usage of BOTs ensures 24*7 support to the audit professionals present in the industry
- On-the-go support provision by the BOTs makes work life better for auditors
Use Cases
Automating Configuration Controls Audit for a global steel manufacturer
Automating GRC Configuration Controls for Mining Company in India
Indicative Commercial Model
Rates will be tailored as per local territory.
Implementation fee unless specified would be additional.
Any customization to the standard offering will be charged on a case by case basis.
* This cost applies where the underlying ERP application is not SAP
** This cost applies where the underlying ERP is SAP
Implementation cost will include BOTs re-design, development, testing and deployment to production
Re-Use SAP code**
INR 500,000
Re-Use SAP code**
INR 500,000
Re-Use SAP code**
INR 800,000
Re-Use SAP code**
INR 800,000
Re-Use SAP code**
INR 1,100,000
Re-Use SAP code**
INR 1,100,000
Re-Use SAP code**
INR 1,100,000
Re-Use SAP code**
INR 1,100,000
Contact Us
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