Achieving the Continuous Audit: How Gildan Uses IDEA for Optimal Efficiency, Reliability, and Coverage
Auditor Spotlight: Anne Duprat, Gildan Activewear
To discuss the value of automating data analysis for a continuous audit program, Caseware IDEA recently spoke with Anne Duprat, CIA, CPA Auditor CA, CPIM, MBA, Director, Internal Audit at Gildan Activewear Inc., a Canadian manufacturer of branded clothing.
Read on for her insights.
Q: How are you using IDEA in your continuous audit program?
A: We currently use IDEA as our main data-mining tool to analyze company transactions on a real-time basis.
Our continuous audit program consists of 11 scripts covering 15-weeks of transactions which have been developed by the Internal Audit team to identify potential fraudulent disbursements.
The continuous audit program is run on a regular basis to validate controls are working correctly in all locations, and to ensure that suspicious activities are not going undetected.
Q: How does IDEA help you achieve the continuous audit?
A: Through the development of scripts and the resulting automation of the analysis, IDEA has significantly helped us improve the efficiency of our audit activities by reducing the level of manual manipulation and analysis of big databases, and enabling us to better allocate our time and resources.
With just a click of a finger, we are able to extract transaction reports ready for review.
Some examples of scripts we have developed are duplicate payments, payments made to inactive vendors, payment transactions with previously determined suspicious words, and journal entries posted at odd times, among others.
We currently foresee to expand our continuous audit program by including scripts covering the sales cycle.
Q: How are you using IDEA in your audits?
A: IDEA is a great tool that allows us to perform data analysis on large databases, reduce the manual manipulation of data and save time on the selection of our audit samples.
We use IDEA in most of our rotational audits such as payroll, procure-to-pay, contract-to-cash, and cash management, among others. Additionally, IDEA facilitates our anti-fraud and anti-corruption investigation activities by easily identifying potential suspicious activities company-wide.
In general, IDEA not only facilitates and increases the efficiency of our audits, but also increases the reliability and coverage of the work we perform.
Disclaimer: The opinions expressed are the personal opinions of Anne Duprat and do not reflect the opinions of Gildan Activewear Inc.