Case Study: Extraco Banks achieves improved internal audit data sharing and collaboration with Refinitiv AutoAudit

Autoaudit Improves Extraco Banks’ Internal Audit Data Sharing and Collaboration

Extraco Banks, an independent, family‑owned community bank based in Waco, Texas (about $1.3 billion in assets and 19 locations), faced rising regulatory scrutiny and an unreliable electronic audit system that forced its small, three‑person internal audit team into manual, time‑consuming processes. After their previous vendor abruptly closed, Extraco selected Refinitiv’s AutoAudit (formerly Thomson Reuters AutoAudit) to provide a dependable solution for electronic audit data sharing and collaboration.

Refinitiv implemented AutoAudit with remote WebEx training, enabling the audit team to standardize planning, risk assessment and reporting while electronically assigning and capturing responses from multiple stakeholders. By eliminating manual cut‑and‑paste workflows and centralizing findings for final reports, Refinitiv’s AutoAudit delivered a measurable time‑saver across audits covering 19 branches and several business units, improving collaboration, accuracy and staff productivity.

Extraco Banks

David McElreath

Executive Vice President of Audit