Content provided in partnership with

Business Services Industry

An intranet success story: auditors at a large financial services organization discover the power of intra-enterprise connectivity

Internal Auditor, June, 2004 by Antonio Carlos Correia, Eder Luiz Menezes De Faria

THE APPLICABILITY OF WEB-based technologies to private networks opens a vast spectrum of possibilities for intra-enterprise network-based information systems, or intranets. Using Web technologies such as Internet protocol, hypertext markup language (HTML), Web servers, and browsers, an intranet can deliver the convenience and accessibility of the Web to a closed, secure environment.

Intranets can prove tremendously useful for internal audit departments. An enterprise-wide intranet connection can improve the way internal auditors communicate with each other, manage documents, track audit activities, schedule, plan audits, and manage resources. The system can enhance internal auditing's ability to identify trends and share information, improving the department's overall responsiveness to client needs.

Most Popular Articles in Business: Research and Markets : Tesco Plc - SWOT Framework Analysis; Do Us a Flavor - Ben & Jerry's Issues a Call for Euphoric New Flavors; eBay made easy: ready to start an eBay business? These 5 simple steps will ...; Katrina's lawsuit surge: a legal battle to force insurers to pay for flood ...; Wal-Mart's newest distribution center opened last month near the southwest ...; More »

At Banco do Brasil, a large financial services company in South America with more than 3,000 branch locations, our internal audit department covers a geographically broad area and serves a considerable number of clients. We decided to develop an intranet to facilitate communication among our 371-member audit group, many of whom travel to company locations outside the country, and to help manage our resources and information across the organization. The system has enabled us to solve problems, improve internal controls, identify risks, and serve our clients much more efficiently and effectively than our traditional methods allowed in the past.

DRIVING FORCES

The main factor that initially drove our process migration to the intranet was the potential cost reduction associated with producing and distributing audit information electronically instead of on paper. We knew that we could increase process efficiency and decrease production costs by creating and disseminating audit reports, schedules, and other documents via an intranet. Especially given that our internal auditors are spread across offices throughout the country and travel to company locations around the globe, we saw tremendous opportunity for savings.

We also determined that an intranet would reduce our infrastructure and systems-development costs. Intranets are typically less expensive to build and maintain than conventional client-server systems. Plus, Web-based mail systems are more scalable than older systems based on local area networks, allowing more users to be supported with less hardware and software investment. Further savings opportunities emerged from exploitation of resources such as document imaging, videoconferencing, and online chat capabilities available via the intranet's Web-based architecture.

DEVELOPING THE SITE

When we started planning our intranet site more than four years ago, we established the following goals:

* Eliminate or reduce the amount of paper documents and reports produced.

* Integrate all audit units.

* Integrate all audit processes--such as audit planning, execution, and monitoring--to create a virtual workplace for the department.

* Allow users both inside and outside the organization to interact with the audit department electronically, according to access restrictions and security policies.

* Allow document interchange between internal audit and other corporate units.

* Organize audit documents and reports in electronic files.

* Improve the quality of intra-department communication, as well as communication with clients.

* Enable auditors, clients, and other selected users to access audit information at any time, anywhere within the organization.

We initially used the intranet simply as a tool to promote the audit department's services and to educate our clients about internal auditing. We created Web pages that provided information on the department's function, roles, and mission, as well as its importance to the enterprise. We then began developing the site's ability to serve as a communication and document-management tool and published electronic forms and workpapers online so that the auditors could create, update, and delete information in real time.

We continued to increase the system's capabilities gradually and have now developed it into an integrated audit management system that enables our department to organize all audit documentation online and manage workflow across geographic locations. Virtually all of our audit processes are now automated, and each of our initial planning goals has been met.

REALIZED BENEFITS

At first, many of the auditors had difficulty working with a real-time system because it represented such a radical departure from the traditional methods to which they had been accustomed. Practitioners suddenly had the ability to make audit information available instantly to all auditors throughout the enterprise with just a simple mouse click. The adjustment period, however, was short-lived. Now, no one in the department can imagine working without the connection and integration of the intranet.

A VIRTUAL WORKPLACE When auditors are on assignment at distant locations, the intranet enables them to ensure they have access to all pertinent audit information and have the ability to collaborate with other key members of the team. For example, an audit manager from a connection point in Brazil can monitor a workpaper being developed by a staff member on assignment in London. The auditor can input information, upload reports and documents, and complete workpapers with the assistance and approval of the audit manager, even though the two are located on different continents.

Business Services Industry

An intranet success story: auditors at a large financial services organization discover the power of intra-enterprise connectivity

Internal Auditor, June, 2004 by Antonio Carlos Correia, Eder Luiz Menezes De Faria

Find Research Guides for:

Find Featured Titles for: Arts

Most Popular Articles in Business

Most Popular Publications in Business