Thinking of using Analytics in your Audits?
CaseWareCloud Analytics(TM) will enhance audit quality, identify risks and issues, and deliver new insight into a business and its risk environment. From importing and visualising data to interpreting and testing results at a granular level, this product will change the way audits are performed. CaseWareCloud Analytics(TM) utilises technology – and the insights it can provide – allows auditors to take on a more strategic, analytical role and increase efficiency, improve audit quality and provide value by mining the huge volume of data now available.
For more information on how CaseWare IDEA can be used for analytics, please click here.
Acquire and Transform
Quicky and easily import and transform data. Import standard CSV files (more file import types to come very soon), that data is mapped on import, increasing efficiency and streamlining processes.
Prepare and Simplify
Combine, cleanse, format and verify data so you are able to effectively review data of any type and size. With security and liability top of mind, the detailed transactions are contained separately from the engagement file, maintaining privacy during the review and approval process.
Point and Click
Leverage more of the available data to accelerate analysis by selection from over 100 “point and click” tests. With this, you are able to shift your time and effort from defining and creating standard tests. Now, you can focus on the potential anomalies, flagged errors, and high-risk areas.
Visualise and Interpret
Information is displayed in such a way that it can be quickly and easily interpreted. This visual capability helps auditors interpret the data and create a full picture from the information at their disposal. Now you are able to uncover anomalies, hidden patterns and correlations, empowering you to make smarter, data-driven decisions.
What will CaseWareCloud Analytics(TM) provide for the auditor?
The role of the auditor is evolving to take on a more strategic, analytical role, and the “point and click” functionality provided in CaseWareCloud Analytics(TM) provides a collaborative, detailed, data-driven audit tool that improves workflow efficiency, enhances the quality of an engagement, and adds value for clients.
Data Import Tools
The use of CSV for imports allows a great amount of flexibility when it comes to acquiring data that is in a usable format. This means less time manipulating the data and more time focussing on the audit.
For future versions of CaseWareCloud Analytics, a large amount of work is going into integrating CaseWareCloud Analytics directly to the main accounting packages, this will further simplify the data acquisition process
CaseWareCloud Analytics currently offers two types of “Point-and-click” tests
- Transaction and process testing
- Financial metrics and account analysis
Amongst these categories is a collection of over two hundred tried and true, pre-defined tests and reports. These tests make it easy to increase productivity and improve the consistency of results by detecting potential errors, flagging risks, and summarising data.
CaseWareCloud Analytics processes and displays information in such a way that it can be quickly and easily interpreted. First, the side-by-side graphs visually demonstrate how the data is comparable and assists in identifying transactions outside of the expected behaviour. Next, with interactive visualization, CaseWareCloud Analytics allows you to drill down to the underlying data for more detail, changing what data you see and how it’s processed. As a result, users are able to shift their time and maintain focus on interpreting and reporting on the results.
With the ability to layer tests, users can discover trends, variations and find outliers that require more investigation. What’s more, users have the ability to split a data file into sub-sets of data that can be used to track transactions, support results, and form an audit trail.
Users have the option to set additional test parameters—journal source, account type, account range, user, minimum and/or maximum transaction amounts—as well as advanced operations for .CSV files to further manipulate the data.
Centralised Database and Client Portal
Streamline the review and approval processes with innovative web-based tools. Using a centralized database and client portal, easily amalgamate reports and collaborate on the data with your colleagues and clients in real-time.
Export and Embed Results
For a holistic view of an engagement file, users are able to effortlessly extract data from any report and embed a CSV or Excel file of results directly into the engagement in Working Papers on the desktop.