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Utilization of RPA in Control Monitoring and Hyper Automation in Audit Ecosystem
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Author(s): Prabhat Kumar (Thrive Operations LLC, USA), Akash Garg (University at Buffalo, SUNY, USA)and Raghvendra Singh (University at Buffalo, SUNY, USA)
Copyright: 2023
Pages: 46
Source title:
Modernizing Enterprise IT Audit Governance and Management Practices
Source Author(s)/Editor(s): Manish Gupta (University at Buffalo, SUNY, USA)and Raj Sharman (University at Buffalo, SUNY, USA)
DOI: 10.4018/978-1-6684-8766-2.ch009
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Abstract
Robotic process automation (RPA) emerged nearly twenty years ago and has found widespread use across various sectors, including IT and banking industries for auditing purposes. The focus of this chapter is to emphasize that while RPA proves valuable in automating well-defined and repetitive tasks, its adoption in the field of auditing has been limited. In this chapter, the authors propose a solution that underscores the significant advantages of integrating RPA with a hyper-automation platform. This integration enables internal control monitoring, error correction, and the reporting of key performance indicators to evaluate the productivity of the automated processes. By leveraging the advanced capabilities of the hyper-automation platform, this research expands beyond mere RPA usage. Additionally, the authors address the necessity of a well-developed audit management practice within an organization as a prerequisite for implementing automation technology, as well as the role of Risk Management in facilitating the synergistic application of RPA.
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