There is no denying that the crises of the past years, especially the COVID-19 pandemic, have forced companies to change the way they do business, protecting their employees and supporting their social responsibility towards the community and their partners.
Benefits of virtual management
There are several reasons why remote auditing can be beneficial:
- time and cost savings;
- no need for the auditor to be physically present on company premises;
- a more efficient audit team.
Sharing documents with Mainstay employees complies with applicable global and local data privacy regulations. Where legislation prohibits the sharing of certain material data outside of the audit facility, the scope of the audit can be tailored based on a risk analysis to ensure compliance with business continuity requirements, and additional assessments can be scheduled as necessary.
There is no doubt that conducting an on-site audit has its advantages and allows the auditor to examine processes in real time, conduct a physical tour of the facility, observe visual cues and non-verbal communication with the audited firm. However, the COVID-19 crisis has forced companies to adapt and use other solutions. Virtual / remote auditing is a great solution to ensure business continuity and ensure that critical vendors continue to function in a state of compliance as an extension of your firm.
Mainstay can help you create and maintain a sound, risk-based management program using tools such as virtual/remote auditing to meet going concern requirements and enable continued research.
