Auditors Need to Tackle Big Data Urgently

CaseWareAnalytics, Auditing, CaseWare News, Cloud Computing, Industry News

Data is all around us and more is being generated everyday. In 2015 Forbes estimated that the amount of data generated in 2014 and 2015 was greater than the amount of data that has been captured from the beginning of time, and speculated that by 2020 there will be about 1.7 megabytes of new information created for every human being on the planet. To put this into perspective, imagine that everyone in the world is taking one picture using their mobile phone every second, and those photos are all being stored on a device somewhere, somehow.

This flood of data is the challenge that auditors face every day. It seems that everyone wants everything to be online – simple and automated. Applications are able to communicate directly through the internet, across and with various devices, sometimes exchanging critical data with other applications. When you consider how much transactional data is generated and stored every second, the humble auditor is left drowning in oceans of data with their only go-to tools of traditional audit methodologies and statutory standards that are currently designed to audit paper-based transactions.

Using our EQV methodology to develop CaseWareCloud Analytics(TM), in conjunction with our CaseWare Audit software we aim to help auditors to:

  • Improve audit Efficiency
    Help to improve the time required for the auditors to process the data so that they can focus their effort on the audit rather than preparation of data.
  • Improve audit Quality
    Help the auditor to maintain consistency when using their audit tools, ensuring that the audit tool produces consistent results regardless of the experience of the user
  • Create additional Value Add to clients
    Transforming auditors from “a policeman looking for faults” into a “trusted guardian” who wants to ensure that their client’s business is safe and growing.

Caseware is one of the first companies to move into the development of audit tools designed to deal with Big Data, and other new technologies like Artificial Intelligence and Machine Learning. Termed a “First Mover”, we’re taking a risk in developing and releasing these tools to allow us to work together with the Audit profession to shape the audit of the future,  creating tools to assist you to improve your audit Efficiency, Quality and client Value.

We’re launching our first CaseWareCloud Analytics(TM) tool at our CaseWare Customer Conferences in Melbourne and Sydney this month (November, 2017). We cordially invite our customers** to come and find out about how the first version release of this innovative audit tool might be able to help you navigate the seas of Big Data, and how some of our future developments are shaping up to assist with harnessing the power of technology and aligning it with producing efficient, quality and value-add audits in the future.

(**Sorry, due to the limited places available, and the fact that our conferences are FREE, we are restricting invitations to our Analytics product launch to our customers.)

More Information on Analytics Available Soon…

We’ll shortly have information on our Analytics product generally available. Sign up for our mailing list below, to receive details of the first version of our Analytics tool, and dates of our online demonstrations to be held in December 2017 and during 2018.

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