AuditNet® Survey Reveals Approva Is Top Choice for Continuous Controls Monitoring & Fraud Detection
44 Percent of Survey Respondents Who Use Continuous Auditing & Controls Monitoring Software Chose Approva
April 20, 2010 - Reston, VA
Approva® Corporation (http://www.approva.net), the leader in continuous controls monitoring (CCM) and audit automation software, today announced that its software is the most frequently adopted technology solution among organizations that use continuous auditing and controls monitoring software, according to a survey by AuditNet® (http://www.AuditNet.org), a global communications network specifically designed for audit professionals.
“We are thrilled to be a top choice of auditors for both controls monitoring and continuous auditing,” said Michael Evans, vice president of marketing at Approva. “The AuditNet® survey reinforces the major trends we see in the industry with more companies turning to specialized technology solutions to more efficiently manage and monitor their key risks.”
According to the survey, 44 percent of organizations that currently use commercial software for continuous auditing and monitoring selected Approva. The next most common solution was used by only 27 percent of respondents. In addition to highlighting Approva as the market share leader for CCM solutions, the survey also identified Approva as the most frequently used software for detecting or investigating fraud after Microsoft Excel. According to the AuditNet® survey, 57 percent of companies now use some kind of audit software for detecting and investigating fraud. For this application, Approva was used by nearly a third (32%) of respondents.
The survey also explored the buying criteria of organizations that make investments in CCM and fraud investigation software. According to respondents, the top three criteria are: vendor reputation, ease of use and cost. Additionally, more than a third of respondents (34%) reported that other departments outside of internal audit were adopting continuous monitoring technology.
The survey was conducted as part of an ongoing research initiative AuditNet® aimed at investigating specific topics of interest for audit professionals. Survey respondents are members of AuditNet®, a global communications network for auditors and professional associations, and represent a range of industries including banking, finance, manufacturing, education, government and professional services.
About Approva
Approva® Corporation is the industry-leading provider of continuous controls monitoring software and is the industry standard at Big-4 audit firms. We enable business, finance, IT and audit professionals to identify, manage and prevent business exceptions in order to reduce risk, increase operational efficiency and prevent inappropriate payments. Global companies such as Bayer, DirecTV, Discovery Communications, Honeywell, Pratt & Whitney and T-Mobile rely on Approva to deliver actionable and auditable intelligence of control breakdowns across their business systems, processes and transactions. Approva has certified integrations with Microsoft, IBM and SAP to provide a holistic Governance, Risk & Compliance (GRC) solution.
For more information, visit http://www.approva.net, follow us on Twitter, subscribe to our blog, Audit Trail, or call +1-703-956-8300.