Robotic Process Automation: Can It Help in Internal Audit in Dubai and UAE
Robotic Process Automation allows internal audit in Dubai and others users of financial statements to create programs that act as robot workers. The bot can perform repetitive, predictable, and rule-based actions. Bots can achieve the same actions as a human. Sometimes, an audit involves rule-based testing such as data analytics. It is essential to consider whether and where automated tasks can be used to improve accuracy and performance in our work.
Understanding Robotic Process Automation
Robotics Process Automation, also known as RPA, is a software program or bot that can perform basic tasks for humans, usually rote or manual. Robotics Process Automation is a buzzword in the tech and financial industries. However, internal Audit tends not to embrace new technology like RPA. It is less likely than other industries to do so. Are there opportunities for robotics innovation to assist internal auditors? If so, what are its most incredible areas of impact?
How Robotic Process Automation Work
Robotic Process Automation refers to creating bots capable of communicating with data in the same way as humans. However, bots have an advantage. Bots can run continuously without making the same mistakes as humans because they are software. There are eight steps to automate with RPA.
Gathering of Requirements
Understanding the process that Dubai entities want to automate with RPA is critical. It is good to map the current strategy for bot designers to know where the data is coming from, which systems are involved, and how the outcome will look.
Readiness Assessment
The readiness phase is designed to determine if your organization is ready to automate and if you have the skills required for creating Robotic Process Automation tasks within your Dubai company. If these skills are not available, the company will decide whether to outsource the project or keep the process.
Project Planning
The project plan should be developed between the bot developer and the group that requested automation with RPA. The team must consider how this project fits in with the more prominent topic of Robotic Process Automation. Many organizations in Dubai and UAE are pushing for greater automation with RPA. Your project will not be the first. You should include roles and responsibilities, the monitoring plan, and an updated schedule.
The Proof of Concept
Now, it is time for the internal audit services Dubai teams like Farahat and co. and developers to create the proof of concept (POC). The developers will use the current information and then test the theory. This is usually done with very little data. This is done to determine if Robotic Process Automation tasks can be accomplished and if the learning logic can allow the bot to produce more accurate results over time.
Pilot Testing
The next step is to test the RPA in real life if the POC confirms that automation with RPA can be done. The pilot test is conducted in a controlled development environment. The test aims to replicate the real-world usage as closely as possible. The RPA is typically run parallel to the current process to compare the results. This phase measures accuracy, completeness, and reliability as well as speed. The bot is returned to developers with all details if there are any problems. Sometimes, the internal audit service UAE team will need to rerun the pilot.
Benefits of RPA That Internal Audit Companies In UAE Should Take Advantage Of
Embedding bots into any workplace environment has the main benefit of performing repetitive manual tasks and freeing employees’ time to do more valuable activities.
The main benefits of RPA include:
- Bots can work 24 hours a day, and even when everyone is gone
- Bots are more efficient than humans because they don’t make mistakes. This leads to better overall quality and process efficiency.
- Bots can do the same tasks as humans at a cost between 25 and 35 percent less than if a human performs the same job.
Processes that are Compatible with RPA
Certified internal audit in Dubai can use to automate repetitive tasks. These include data entry and validation. However, the bots can create and distribute reports, send invoices, schedule appointments, run payroll, and perform repetitive tasks.
Robotic Process Automation is an excellent option for internal Audits. Many tasks can be automated. Automated Process Automation tasks are designed to collect data and feed information to a risk assessment tool. The output could be an audit plan. This can be run continuously, allowing for continuous risk assessment and audit planning. This output could be programmed to suggest an audit calendar based on rules, such as priority scheduling and assignments based on skills and credentials.
While data analytics was discussed earlier, automated testing is a more general topic. The exceptions can be sent directly to control owners for the most basic tests. The ultimate goal is to eliminate Audit. The business can own the Robotic Process Automation tasks. The control test would be performed by Audit.
internal audit services in Dubai with the help of developers can code reports for automatic delivery and automation and reminders for corrective actions updates. Audit management software can also be designed to handle several of these tasks.
