Controls are needed to address operational risks across any process such as procurement, payroll, logistics, financial statements closure, and regulatory compliances. Today, boards seek assurance that processes are functioning as intended with their respective controls. These are critical as they directly impact investor perception. Sampling techniques are safeguard measures for auditors but hardly serve as valid reasons for not testing populations and providing the necessary answers that boards seek.
Analytical solutions help read entire populations of data, regardless of volumes, and perform the same test across every transaction. With an application performing the testing, the controls team may instead focus their efforts on exceptions and their root cause.