NEW YORK--(BUSINESS WIRE)--TeamMate, part of Wolters Kluwer Tax & Accounting (TAA), today presented insights on key strategic enablers for internal audit at the Audit Directors’ & Managers’ Symposium, sponsored by the MIS Training Institute, in Hilton Head Island, South Carolina.
During the event, Mike Gowell, General Manager and Vice President of TAA TeamMate, shared key findings from a new Wolters Kluwer report, “Audit Technology Insights: Technology Champions, Key Strategic Enablers,” which focuses on the role, responsibilities and impact of “Technology Champions” within internal audit departments. The report, which includes data from TeamMate’s 2015 Global Technology Survey, includes insights from follow-up interviews with more than 20 organizations with Technology Champions, providing useful information to audit leaders either thinking about establishing a Technology Champion position or seeking to enhance the role’s existing activities.
Technology Champions are known within the audit industry as individuals within an internal audit function who have overall responsibility for the technology being used by internal audit. One of the report’s key findings is that although the roles and responsibilities of Technology Champions around the world differ significantly, internal audit groups with established Technology Champion positions appear to be achieving real and tangible benefits from their investment in the role. Other key findings include:
- Having a Technology Champion on staff appears to be a leading practice of large and small organizations alike that are seeking to optimize their deployment and use of technology.
- More than 80 percent of 2015 survey respondents with Technology Champions view them as a key success factor, suggesting they would not have achieved their current level of technology maturity without strong and effective contributions from their Technology Champion.
- A Technology Champion’s primary focus is to enhance the overall audit process through better use of technology; it is not just technology for technology's sake.
“Survey results and individual interviews confirm that organizations that have established the Technology Champion position see direct benefits, including measurable improvements in their audit processes in terms of productivity and audit plan completion,” said Gowell. “But career planning and development for Technology Champions is minimal, so we recommend that Chief Audit Executives place a higher priority on career planning for this role, which is well-positioned to make significant strategic contributions to the audit function.”
In addition to sharing key findings about Technology Champions – including the amount of time typically devoted to the role, management perceptions and the evolutionary nature of the role – the report provides case studies and practical guidance for those looking to add or augment an existing Technology Champion role. Guidance includes a 4-phased TeamMate Technology Champion Maturity Model with key attributes associated with each phase, composite Technology Champion job descriptions, and a 10-step action plan to maximize an organization’s use of technology through a Technology Champion.
TeamMate, part of Wolters Kluwer Tax & Accounting, is the world's most widely-used audit management system, with more than 100,000 auditors at over 2,500 organizations using the solution globally. In addition, TeamMate solutions include Controls Management and Analytics. Together, this ecosystem of solutions provides auditors with the confidence needed to manage all aspects of risk identification and assessment, electronic working paper creation and management, controls framework management, and data analysis.
To view the full report, please click here.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency.
Wolters Kluwer Tax & Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2015 annual revenues of €4.2 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).