Audit Data Analytics
Production and financial reporting systems generate a wealth of data. Using this data, auditors can enhance audit quality by including ADAs on their engagements. Decision Point has the expertise in auditing and data analytic tools to assist auditors in incorporating analytics on their engagements– saving time, reducing costs and lowering their audit risk.
Do any of these challenges happen on your engagements?
- Substantive audit approach with a high number of transactions, resulting in higher audit costs
- System integration challenges
- Complex system calculations
- System or data conversions
- SAS99 Fraud testing requirements
The tools we use are powerful, able to query large databases and analyse vast amounts of data in efficient and cost-effective ways that wouldn’t otherwise be feasible. Using analytics tools we have helped auditors:
- Save significant audit hours with tests performed in less time than it takes to manually perform the same task. Savings are generally 40-60% of the time for the test that is automated
- Obtain a higher level of audit coverage by testing 100% of transactions versus a sample of items
- Obtain future savings in subsequent years with the same data analysis routines run in minimal time (an 8 hour test in year 1, may only take two hours in year 2)
- Increase audit scope by performing tests in areas that wouldn’t normally be included
Our services for external auditors include: