Deloitte and AuditBoard alliance will drive risk and controls compliance efficiencies
Deloitte & Touche, a provider of audit, assurance and risk, and financial advisory services to public and private companies, and AuditBoard, a cloud-based platform for audit, risk, and compliance management, have formed a strategic alliance in conjunction with Audit & Beyond 2021, AuditBoard's user conference, taking place October 19-21 at Terranea Resort in Los Angeles, California.
The alliance brings together AuditBoard's cloud-based, integrated suite of audit, risk, and compliance solutions with Deloitte's controls advisory and Sarbanes-Oxley (SOX) and internal control over financial reporting professional advisory services to provide streamlined risk management, SOX compliance, internal audit, and controls management to clients.
The rapid and unprecedented pace of change — and lingering impact brought on by the pandemic — have raised concerns of increased regulation and compliance requirements. Emerging technologies, regulatory changes, and talent model shifts introduce new risks that need to be managed.
AuditBoard's integrated audit, risk, and compliance solutions connect risk, and centralise and streamline SOX and internal audit workflow, testing, and reporting in a single platform, bringing together internal audit teams, IT compliance teams, external auditors, process owners, and executives to help enterprises automate, effectively manage, collaborate, and report on risk and control data in real time.
Deloitte works with organisations to help them modernise, automate, and ingrain financial governance from the executive board level and senior management level to the execution of transactions while still managing the total cost of compliance. Leveraging emerging technologies to help organisations shift the focus of their controls function from hindsight to foresight, Deloitte's suite of tech-enabled services can help executives gain a better understanding of their current state of controls, spot trends, identify opportunities, and change behaviour.
Deloitte provides SOX-related services for any SOX program stage, from IPO and SPAC readiness to modernisation and optimisation of existing end-to-end SOX programs. For private companies planning an IPO or SPAC, Deloitte can assist with building a SOX readiness program that works for most organisations. For existing issuers, Deloitte can help organisations modernise their program through operating model transformation, process enhancement, and technology enablement. An optimised SOX program can deliver critical benefits, including enhanced quality, increased effectiveness and efficiency, deeper insights, and may reduce the total cost of compliance.
"This strategic alliance combines the power of our audit, risk, and compliance platform with Deloitte's deep audit and advisory domain experience, providing extended value to our shared customers," said AuditBoard president and CEO Scott Arnold (president). "We put our customers at the centre of everything we do, and this exciting relationship is another example of how we're working to elevate and empower them, in collaboration with one of the most respected names in the industry."
Lindsay Rosenfeld, managing director and Governance, Risk and Controls service offering leader within Deloitte & Touche’s Accounting Advisory & Transformation Services practice added: "Internal controls compliance is more than just achieving the baseline. It should extract value.”
Ashok Parmar, partner within Deloitte & Touche's Accounting Advisory & Transformation Services practice said: “Our professional services integrate with AuditBoard's advanced audit, risk and compliance management technology to provide more effective and efficient solutions for our clients."
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