Better Quality Audits
There is increasing pressure on the Audit profession for better quality audits, with more investigation and proof of the work auditors have done as part of their processes, to justify their conclusions. This is particularly the case when any controversial or large corporations suddenly experience financial failure.
Data Analytics in External Audit
The application of a data analytics program as part of your audit, either internal or external could do much to satisfy the level of investigation brought to bear by auditors, and it can also assist with forecasting the sorts of resources required to complete an audit effectively. Using data analytics on 100% of your own or your clients’ data can provide you with trend information, unusual outliers that require investigation, or simply provide an opportunity to discuss business implications with your client.
At CaseWare, we have invested in both resources and products to assist you to understand and implement data analytics for an audit. We understand that this is a significant investment in improving your processes and client outcomes and dealing with 100% of data transactions from various systems will be challenging. We are here to help.
- PDF – slides created & presented at 2019 Chartered Accountants Australia & New Zealand Audit Conferences by Sarah Butler.
- Recorded webinar Using Analytics in Audit – With Examples
- ebook – Thinking of Using Analytics in Your Audits? (CaseWare Cloud Analytics)
- Whitepaper – The Complete Guide to Auditing with Data Analytics Tools (registration required, via CaseWare IDEA international website)
- Whitepaper – Is Better Planning the Key to an Efficient Audit
Analytics for External Auditors – an ebook publication with detailed information and guidance.
This publication is designed to enhance the service external auditors can provide to their clients, either as part of a consulting service or as part of a standardised Audit. Within the publication, we provide not only the IDEA techniques needed to perform the audit Analytics, but also detailed information of the relevance of each of the Data Analytics reports it refers to, and best practice advice on how to interpret the results.
Download a 38 page ‘preview’ of this publication here. The preview shows the table of contents and extracts from chapter contents.
A 280-page guide to audit analytics specifically for External Auditors. This essential guide provides guidance and best practices for:
- Obtaining and preparing the right data needed for an audit.
- How to apply Data Analytics (specifically showing examples using CaseWare IDEA) to the following business processes:
- General Ledger
- Revenue Assurance
- Accounts Receivable
- Account Payable
- Fixed Assets
Interested in getting a copy of the full edition? Give us a call (+61 3 9660 4680), or email via email@example.com
CaseWare IDEA® is a comprehensive, powerful and easy-to-use data analysis tool that quickly analyzes 100% of your data, guarantees data integrity and speeds your analysis, paving the way to faster, more effective audits. This is a desktop product.
CaseWare IDEA will allow you to:
- Import all of your records including spreadsheets, and exported data from databases, accounting programs, ERP systems and T&E applications in formats such as PDFs, plain text (.txt), print-report (.prn), ODBC and SAP.
- Protect the integrity of your data by allowing read-only access to your source data.
- Access 100+ common audit functions including Benford’s Law, Fuzzy Duplicate, Gap Detection, Summarization, Stratification, Sampling and more.
- Discover and Visualize your data to create charts and field statistics so you can quickly visually pinpoint patterns, trends and outliers.
- Record every step of your analysis so you have a clear audit trail and can repeat the process for future analyses.
- Offer additional resources through our Passport gateway including IDEA add-ons, webinars, IDEAScript Vault, forums, Support Portal and more.
CaseWare Cloud Analytics(TM) will enhance audit quality, identify risks and issues, and deliver new insight into a business and its risk environment. This product runs in a Cloud 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 – to allow 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.