Protiviti Achieves Landmark with First Patent for Audit Process Innovation

Protiviti Celebrates Patented Innovation in Audit Processes

Protiviti, a leading global consulting firm, has recently reached a significant milestone in its journey of innovation. The company has been awarded its first patent for a groundbreaking system designed to enhance the process of automated audit artifact reconciliation. This recognition, granted by the U.S. Patent and Trademark Office, is not just a reflection of Protiviti's commitment to innovation but also a substantial advancement in efficiency for organizations managing compliance and audit activities.

Revolutionizing Audit Processes

The newly patented system streamlines the often cumbersome task of testing for unauthorized access – a common hurdle in both Sarbanes-Oxley (SOX) compliance and internal audits. Traditionally, companies faced significant time delays when verifying control access, often taking days or even weeks. However, Protiviti's innovative process drastically reduces this time frame to mere minutes.

This efficiency is primarily achieved through a unique combination of algorithms that implement what is known as “fuzzy matching.” This advanced methodology identifies unauthorized access attempts by cross-referencing user names against a database of terminated employees or previous accounts. By doing so, it enables organizations to identify potential compliance failures swiftly and accurately.

Benefits for Internal Auditing and SOX Testing

The capabilities of this patented technology go beyond mere time savings. It facilitates a comprehensive execution of user access reviews (UARs) that often becomes a lengthy and ineffective process without automation. With the new system in place, users can conduct access comparisons that would typically stretch over several days in just a few minutes, empowering organizations to enhance their internal audit processes significantly.

Jeremy Wildhaber, Senior Director of IAFA Technology Enablement at Protiviti, emphasized the patent’s impact, noting, "Logical access controls are a leading SOX and operational control failure among companies of all sizes and are time-consuming to execute. Through this patented process, we can help clients expedite and improve the efficiency and effectiveness of processing full population tests to identify issues quickly."

Andrew Struthers-Kennedy, global lead for Protiviti's Internal Audit and Financial Advisory practice, echoed this sentiment, asserting the technology addresses critical pain points for clients and reiterates Protiviti's commitment to technological advancement.

A Step Forward in Innovation

The patent marks a pivotal victory for Protiviti's Global Patent Program, which was initiated in 2022 with the aim of fostering continuous innovation among its employees. The initiative encourages team members to develop and safeguard their inventive ideas that can potentially transform the business landscape.

Ashley Cuevas, the global lead for innovation, remarked on the importance of this program: “Key to that is the Protiviti Patent Program, which we formed in 2022 to facilitate the development and protection of our people's innovative ideas.”

The patented solution is just one of many innovations existing within Protiviti's Technology Accelerator Platform, which houses a multitude of automation, analytics, and AI-enabled solutions designed specifically for Internal Audit and SOX challenges.

About Protiviti

Protiviti operates globally, offering an extensive range of consulting services that cater to finance, technology, operations, and risk management, among others. With over 90 offices across more than 25 countries, the firm has established itself as a stalwart in delivering solutions tailored to meet each client’s unique needs. Recognized for ten consecutive years on the Fortune 100 Best Companies to Work For®, Protiviti has served a significant portion of Fortune 100 and 500 firms, alongside government agencies and emerging businesses.

In conclusion, Protiviti's first patent signifies not only a landmark achievement in its innovative endeavors but also opens the door to future advancements that will benefit clients globally. As the firm continues to push the boundaries of traditional auditing processes, its dedication to revolutionizing compliance standards remains steadfast.