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Use Data Analytics & Drive the Quality of the Analysis

Transform the External Audit

Technology opens up your organization to large amounts of data. As this information grows exponentially, searching for anomalies can feel daunting and providing an efficient audit can feel impossible. Leveraging data analytics not only accelerates analysis but allows you to fully harness the knowledge hidden within the data – quickly and effectively. Data analytics drive the success of your firm by allowing you to utilize:  

  • Audit specific commands including Benford’s Law, Fuzzy Duplicate, Gap Detection, Summarization and Sampling
  • Advanced analytics with customizable scripts
  • An audit trail you can trust for repeatable analysis 
  • Seamless integrations for easy collaboration

Scroll below to learn how analytics improves the Financial Statement Audit, the Assurance Audit, the Tax Audit, and Fraud Investigation. 

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Seamless Data Import

Universal file conversion capabilities that allow users to obtain data from virtually any source.

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Powerful Tests

Test whole data sets so auditors will feel empowered and confident in their findings.

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Identifiable Trends and Outliers

Conveniently access new insights without having to write queries.

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Effective Risk Exposure

An all-in-one platform enabling users to examine risks seamlessly and to prevent silos of data.

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Automation

Automate routine functions to boost productivity, save money and see results.

Read about IDEA's powerful features

Data Analytics for Financial Statement Audit

Audits have become more frequent, and you feel pressure to deliver a deeper analysis in less time. Overcome these hurdles with data analytics. Our solutions allow you to provide valuable insights into your client’s systems and controls, increase the rigour of audit procedures, and ultimately, drive the quality of your assurance engagement. Data analytics enhances the financial statement audit by giving you the ability to:

  • Easily obtain data from several accounting packages increasing efficiencies and preventing silos of data 
  • Perform audit-specific tests including general accounting, revenue, liability, assets and payables, providing the highest level of quality and consistency of the audit and review
  • Analyze up to 100% of the data for an accurate and thorough analysis 

Click to discover how our solutions gave this business owner and CPA a competitive edge against larger organizations.  

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Tax Audit & Data Analytics

Unnecessary complex issues arise due to the variety and large volume of tax data. Structured and unstructured data, internal and external data, and data from many sources stand in the way of an efficient tax audit. With our solution, you can examine disparate sources of data as if they were one and examine 100% of the transactions. Tapping into historical data turns your tax team from operations into forward-thinking strategic advisors. Boost your tax function by using analytics to:

  • Import from virtually any file source including PDFs, ERPs, POS systems, and more
  • Use commands designed for the tax audit, including Benford’s Law, Fuzzy Duplicate
  • Extract sales from unedited POS transaction files
  • Record every step for repeatable processes 

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Fraud Investigation & Data Analytics

Most cases of fraud go unreported even though the CFE estimates that 5% of an organization’s annual revenue is lost to illegal activity. Rising amounts of transactions put pressure on your team to heighten vigilance. To meet this demand, we provide a variety of tools and tests so you can find critical issues, locate trends and generate detailed reports. Tackle fraud, on time and budget by using data analytics to:

  • Analyze 100% of the data, so nothing gets past your audit team
  • Access 100+ common audit functions including Benford’s law, Fuzzy Duplicate, Ghost Employee analysis, plus many more
  • Produce a clear audit trail for repeatable analysis

Download our Investigating Fraud with Data Analytics whitepaper to learn how to transform your anti-fraud department with data analytics. 

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Analytics Guide for External Auditors - New!

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