Baker Tilly explains how IDEA makes their audits more efficient
Hi I’m Amy Manthey and I’m a senior manager of AssuranceTechnology. And I’m Leah Justesen I’m a senior accountant in our audit practice.
Baker Tilly is a national accounting and consulting firm. We have about 2,500 employees and have a wide specialty in as far as serving our clients from general practice to individual industries.
We use IDEA on almost every single audit engagement. We use it from sampling, to journal entry testing, to just taking digging little bit deeper into things that we couldn’t have before; you know whether it would have been manually and we wouldn’t have been able to get the same detail, its really helped us in that way.
We’ve also been able to use it on some of our larger clients that some of the more complex transaction cycles were very difficult to test over a large number of locations. And IDEA has made it much more efficient for us to be able to test the entire transaction cycle at one time for all of the locations or all of the sites.
We use the Financial App and Smart Analyzer on journal entry testing. We use it for revenue testing and then also looking at disbursements. It has allowed us to pinpoint our samples and not test a completely random sample of the whole GL population. It also allows our newer staff to get started quickly because the tests are easy to use and the options within the tests are understandable so it’s a very good tool for our newer staff to get a foot in the door and understand how to use the product.