The profession is writing its own rules. That’s an inherent conflict… we must take a fresh look at auditor conflicts of interest.
– Gary Gensler, Chair
SEC Center for Audit Quality (July 2022)
The audit industry is in the midst of a critical inflection point as regulators place more scrutiny on potential conflicted parties and organizational boundaries that have jeopardized:
GRC-led audit tools like Drata, Vanta, and Tugboat that are designed to serve internal compliance management, yet are crossing independence boundaries by curating evidence, dictating audit pricing, and managing audits. As such, these tools are accelerating the industry's need for change due to increased customer risk exposure.
Vanta, Drata, Secureframe and the like are commoditizing our industry. We can’t scale on 50 different platforms that want to devalue our services and make audit integrity impossible. We need our own platform.
CEO, national audit firm
GRC tools remain critical for managing and operationalizing internal compliance effectiveness, but there must be the presence of a separate and neutral external audit platform to drive and ensure audit integrity and independence. Simply put, GRC’s can’t be or do both.
INTERNAL compliance management, but incapable of meeting EXTERNAL audit party demands
Centralized 3rd party audit management platform – modernized to meet tomorrow’s regulatory requirements and trends
The missing component is a neutral and centralized audit platform that can stitch all risk management tools and audit parties together. GRC’s with Auditmation seamlessly blends the boundaries to enable audit scale, quality, and differentiation throughout the risk pool.