In recent years the use of data analytics has become integral to our audit process. We are using analytics tools to deliver high-quality audits by adding a layer to our risk identification procedures. It assists with obtaining a better understanding of our clients and their business processes to help us focus our audit procedures.
Analytics tools allow us to very quickly test large populations of data to identify and assess exceptional transactions, identify trends or hidden patterns in financial data, and extract other useful information.
While we employ audit analytics tools to assist with our risk assessment and audit testing, we are finding that there are many other incidental benefits that our clients enjoy. The insight gained from the work performed typically adds a lot to our discussions with Boards and those charged with governance. Our clients appreciate the additional perspective and feedback arising from the analytics performed which can lead to enhancing business processes and controls.
We have also seen significant efficiencies in extraction of audit information. For some of our clients, exporting reports from their accounting system to be provided to the auditors can take up to six hours and puts a strain on the system. In these instances, the finance team would often have to put their day-to-day operations on hold or run reports outside of business hours.
By working with clients and using alternative methods of data extraction the time can be reduced to minutes, without placing any great charge on the accounting system.
Speak to our Audit team to learn how our analytic tools can support your business.