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3 Ways IDEA 10.4 Integrations Boost Your Audit Team’s Performance

Imagine your audit team collaborating seamlessly. A scenario where your department leverages interconnected software that allows you to import data easily and switch between systems. Fewer clicks, fewer steps and fewer headaches giving you an audit workflow that is streamlined and collaborative. This is precisely what inspired the CaseWare IDEA team when developing the integrations of IDEA 10.4.

 

The ability for software and computers to exchange data is known as interoperability. When looking for audit data analysis software, this interconnectedness has become crucial. Organizations increasingly rely on audit solutions to meet their strategic objectives, and as your team continues to analyze data from an increasing amount of sources, you require data analysis software that can easily connect to any source.

 

The integrations of IDEA 10.4, which drive towards interoperability, mitigate the risk of wasted time and put your team on the path of an efficient workflow. Driving efficiencies only has benefits. It will help your firm keep up with the disruption caused by more agile firms, strengthen the financial statement audit, and enable you to work more effectively even with tighter resources.

 

The integrations of IDEA 10.4 will boost your audit team’s performance by enabling you to

 

  1. Easily import data  There are many great accounting software packages that exist in the industry, but auditing the data they produce requires importing data into your data analysis software. This can be time-consuming. That’s why IDEA 10.4 delivers an easy import tool that will enable you to obtain data from over 55 accounting packages, including Quickbooks, Sage, ACCPAC. The ability to easily import allows you to focus time on what matters: your analysis.

  2. Bridge the way auditors work – Your team may feel pressure from the fast pace of the industry to perform more effectively together. Using an integrated suite ensures that your team follows a standardized protocol for importing, running analytics, exporting data and sharing results to keep up with the rapid pace of the accounting profession. The launch of 10.4 does this by integrating CaseWare Working Papers and IDEA so that auditors can seamlessly incorporate data analytics into the engagement and streamline audit processes. When integrating CaseWare Working Papers and IDEA, we deliver the ability to transform your entire workflow. Use Working Papers to bring in data from 90+ accounting packages, integrate data analytics into the engagement, seamlessly drag and drop the report back into Working Papers and then easily share it using the Cloud. If a client is not on the Cloud, users can download it as a pre-formatted Excel spreadsheet. Auditors can perform key tests for financial statements or go deeper into the data by using Machine Learning to enhance findings with the firm’s methodology.
  3. Automate mundane tasks – Performing routine analysis in a manual way unnecessarily wastes time. Use custom scripts to speed up routine operational audits to move from being tactical to strategic. IDEA 10.4 provides you with more scripts in the Support Portal to give you more options for custom analysis.

 

Improving the way your team conducts an audit is what inspires our team to develop our solutions. You’re up against technological disruption, decreasing resources, and the pressure to act agile in the face of change. However, our solutions and our team are here to support you. By upgrading and deepening your knowledge of data analytics, you improve the capabilities of your team and ensure the future of your department and your organization.

 

With our integrated solution suite, you can transform your audit team. Learn about IDEA’s capabilities at our product page here.