We are currently increasing our auditor presence around the world. Historically, we have been pairing auditors together from different locations (e.g. one from DK and one from India) in an audit situation in order to ensure calibration across geographies - same audit level across. However, this strategy might be compromised as we have an ambition to reduce significantly our CO2 footprint linked to business travels. Therefore, the auditors will perform audits close to their location (e.g. Asia, US, Europe) and there will be less crossover. Do you have any better practices/advice to share in these situations on how to avoid 'silos' and ensure a proper calibration across? Have any of you combined on-site auditors and remote ones? How do you work with time zones?
Even though this kind of transition sounds tricky, it is a very common practice and is done by many companies working in Audit. With rising ESG concerns in the finance field, it only makes sense to make conscious efforts in reducing the CO2 footprint linked to business travels. Some of the commonly used strategies here could be the use of hybrid models for Audit teams or following a rotation of Auditors across different locations. The time zone problem can only be solved by establishing a clear communication protocol and paying attention to the convenience of all parties involved. Some other possible solutions could be use of collaborative tools that allow auditors from different locations to connect and share information. Platforms for Video conferencing, document sharing, project management, etc can come handy. It is also of utmost importance to ensure some sort of standardization in the audit processes and methodologies. This ensures consistency and increases the efficiency of the whole process. Combining these strategies, a framework can be developed that enables this transition smoothly and effectively.
Who has ever implemented a concept of Finance to Finance partnering?
We have setup a variety of finance business partners in our organization: OPS Controlling, SCM Controlling, Sales Controlling.... And we have a centralized team for Inventory valuation Controlling. Of course all business parts in the organization impact some way or antoher our inventory values - and we need close collaboration, especially on changes or development needs. Instead of business partnering same functions in addtion to the finance business partners, we would like to implement a finance internal partnership. So one of the inventory valuation controllers is in close contact to OPS Controlling for example and if changes in product cost calculations need to be done (because a machine has been adjusted and can now process higher quantities or something), OPS is taking this with OPS Controller and he/she is taking it with the partner on inventory valuation side. And this works of course also the other way around. Has someone used this kind of partnering already? Anyone you can share experiences with that?
Even though this kind of transition sounds tricky, it is a very common practice and is done by many companies working in Audit. With rising ESG concerns in the finance field, it only makes sense to make conscious efforts in reducing the CO2 footprint linked to business travels. Some of the commonly used strategies here could be the use of hybrid models for Audit teams or following a rotation of Auditors across different locations. The time zone problem can only be solved by establishing a clear communication protocol and paying attention to the convenience of all parties involved.
Some other possible solutions could be use of collaborative tools that allow auditors from different locations to connect and share information. Platforms for Video conferencing, document sharing, project management, etc can come handy. It is also of utmost importance to ensure some sort of standardization in the audit processes and methodologies. This ensures consistency and increases the efficiency of the whole process.
Combining these strategies, a framework can be developed that enables this transition smoothly and effectively.