Benefits & Challenges of adopting Agile Audit Methodology

Benefits & Challenges of adopting Agile Audit Methodology

There are many ways that agile auditing can benefit your organization -
(a) Enhanced Flexibility
(b) More timely recognition of emerging risk
(c) Increased ability to analyze data
(d) More comprehensive review of processes
(e) Breakdown of functional or procedural divisions
(f) Limits financial losses by recognizing broken controls sooner
(g) Provides management with real-time risk analysis/confirmation of control effectiveness
(h) Real-time assurance
(I) Improved engagement and transparency
(j) Customers are happier

Challenges of Agile methodology - It isn’t a magic wand, and it does come with its own challenges -
(a) Regulators and external auditors
(b) It can be an uphill battle to convince clients
(c) Transforming culture and mindset
(d) Balancing agility and assurance
(e) Inexperience is to be expected

Implementing of Agile Methodology -
1. Inexperience is to be expected
2. Get management buy-in
3. School your staff
4. Streamline project planning
5. Stock your toolbox
6. Know what to document