“Our audits have become much more value-added, because we can find and repair small issues that have major significance for our business units.”
Nicholas Melfi, Audit Manager, Textron Inc.
As one of the world’s largest multi-industry companies operating primarily in the aerospace, defense, finance, and industrial markets, Textron Inc. (NYSE: TXT) has a multi-faceted organisational structure. The Textron audit team uses ACL software to gain greater business assurance in a fast-paced global environment.
With headquarters in Providence, Rhode Island, Textron Inc. is one of the world’s largest multi-industry companies, with numerous subsidiaries and divisions. Textron operates primarily in the aerospace, defense, finance, and industrial markets with brands including Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee. Founded in 1923 as a small textile company, Textron now posts annual revenues of over £6 billion, and employs more than 37,000 people in 33 countries in continuing operations. Textron is ranked 217th on the Fortune 500 list of the largest US companies.
Textron has numerous business units in multiple global locations, so compliance with government regulations, including Sarbanes-Oxley, requires bulletproof systems and procedures.
Given Textron’s multi-faceted structure, their audit department must work diligently to monitor business processes among the organisation’s diverse business units.
Textron auditors use ACL solutions in several areas, including Accounts Receivable, Accounts Payable, and Human Resources. With ACL technology, Textron auditors are able to find root data and control weaknesses and assist business units to solve problems, thus saving time and staff labor.
With the help of ACL software, the audit department consistently saves time and money while strengthening its controls monitoring practices.
Textron has applied ACL’s audit analytics throughout its diverse business units to: