99 Cents Only Stores improves audit management
VANCOUVER, B.C. – 99 Cents Only Stores is turning to ACL’s GRC solution to help the value retailer digitize its audit management procedures.
By leveraging the internal audit management system, the retailer will replace spreadsheets and shared drives. Anticipated benefits include increased collaboration and visibility among team members, the ability to more easily perform risk assessments and scoring, and ease of workflow adjustment as new issues and risks are identified.
“We selected ACL GRC for our internal audit management system from a number of leading solutions for several reasons,” said Tom Rudenko, chief audit executive of 99 Cents Only. “This solution provided us with a very user-friendly, easily implemented approach to fully digitizing our audit process, including risk assessment, planning, workpapers, and reporting.”
Rudenko recently joined the company as its director of internal audit and chief audit executive. He is a longtime user of ACL's data analytics solutions, which he is leveraging at 99 Cents Only Stores to build out the technological capabilities of the audit function for both strategic planning and day-to-day audit management.
"A key value that this organization is able to derive from ACL GRC is its immediate ability to solidify a cohesive audit team that can easily collaborate and work with better sightlines," said Dan Zitting, VP of product management and design at ACL. "By starting with a centralized system through use of ACL GRC, they will also be able to easily integrate analytics for data-driven risk assessment and evaluation of controls."
The move comes under a month after the retailer was unable to file its annual report within the timeframe specified by the Securities and Exchange Commission.
The company’s annual report on form 10-K for its fiscal year ended March 30 was due at the SEC no later than June 28. However, because of a range of inventory valuation issues identified by auditors and a new CFO, the company said it was unable to file the report without unreasonable effort or expense.
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