tech-driven-audits

Vocabulary Word

Definition

'Tech-driven audits' refers to when technology, such as data analysis software, is used to perform an examination or inspection of a company's accounts or systems.

Examples in Different Contexts

In finance, 'tech-driven audits' use technology to analyze financial data more efficiently and accurately. A financial auditor might say, 'Our tech-driven audits have significantly reduced errors and improved the speed of our audit processes.'

Practice Scenarios

Business

Scenario:

We need a more efficient way of auditing our financial statements. Paper-based methods seem antiquated.

Response:

Incorporating tech-driven audits could streamline our financial review process and provide more accurate results.

Quality-Assurance

Scenario:

The production line has been facing quality variances. Having real-time checks might help detect and rectify issues faster.

Response:

Agreed. Implementing tech-driven audits on the production line will provide us with real-time control and immediate issue resolution.