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A digital audit management
Team Speednet had digitised the auditing process for a large association of craft cooperatives from all over Germany.
Team size11
IndustryFintech
CountryGermany
Collaboration2020 – now
A cooperative network in need of digital transformation
Genossenschaftsverband, the cooperatives’ association, includes 358 credit cooperatives (with total assets of over 481 billion euros) and employs more than 1,500 people. The activity of cooperatives in Germany is subject to specific audit regulations.
Before we delivered our product, audit procedures relied on paper and were performed by users who were not computer-savvy. The necessity to increase the efficiency of the audit required the development of a tool that, on the one hand, would be in line with the procedural requirements and, on the other, would be friendly to users accustomed to traditional working methods.
We carried out the project working closely together with Horn&Company.
Results we’ve delivered
- Platforms
- 2
- Team members
- 5
What is digital audit management?
Digital audit management refers to using technology to automate and streamline the auditing process. It involves implementing software platforms that facilitate audit planning, documentation, execution, and reporting in a standardised manner. These solutions enable real-time data analysis, remote access, and compliance tracking, reducing reliance on manual processes and paper-based records.
Benefits of digital audit management
For businesses, digital audit management provides:
- Enhanced efficiency by automating and standardising audit workflows.
- Reduced operational costs through minimised manual processing and optimised resource allocation.
- Improved compliance with regulatory standards by ensuring accurate record-keeping and tracking.
- Centralised data storage for seamless access, real-time reporting, and better decision-making.
- Enhanced collaboration between internal teams and external stakeholders.
For end users digital audit management offers:
- Simplified tasks through intuitive digital tools and automated processes.
- Reduced administrative burden, allowing for a focus on critical audit activities.
- Increased productivity and accuracy with streamlined workflows and real-time data insights.
- Greater flexibility, including remote work capabilities, enhancing work-life balance and efficiency.
Digitising the auditing process
To address Genossenschaftsverband’s challenges, we developed a user-friendly (even for inexperienced users), easy-to-use, twofold system responsible for audit management.
The product we delivered consisted of two platforms. The first one was dedicated to the Genossenschaftsverband (cooperatives’ union) representatives, where users could upload the necessary documentation, and the second was developed to support auditors in their duties.
What was included in this service
Due to short deadlines, we had to quickly complete a team that was up for the job. In addition to 5 Speednet employees, we onboarded new talents with necessary competencies and outsourced part of the work. Eventually, a team of 11 experts worked on this project. The core part of our task consisted of in-depth UX analysis, development, and system maintenance.
Meet our partner – Genossenschaftsverband
A Genossenschaftsverband is a cooperative association that represents the collective interests of its member cooperatives. It provides guidance, support, and advocacy to help these cooperatives operate more effectively and sustainably. By fostering collaboration, sharing best practices, and influencing policy, the Genossenschaftsverband strengthens the cooperative movement as a whole.
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