Data Analytics – gaining quality and efficiencies in the audit process

Data analytics is a process with which many auditors struggle. With the AICPA placing increased focus on this area, while firms strive to gain higher quality and more efficient audit processes, this particular struggle is a problem in need of a solution. An even truer statement when you consider this. The accounting industry is constantly changing – and with change comes the need to adapt quickly.

Accountants have an opportunity to improve their overall audit approach by leveraging advances in technology, especially in this area.  This is in line with the AICPA’s increasing standards for required data analytics on all audits.  Take for example the joint initiative between Rutgers Business School and the AICPA.  That research initiative will facilitate further integration of data analytics into the audit process.  Additionally, the research will demonstrate how data analytics can lead to advancements in the public accounting profession.

Meet TeamMate Analytics

This is where a product like Wolters Kluwer’s TeamMate Analytics helps meet a firm’s increasing data analytics needs.  Designed specifically for use by auditors, TeamMate Analytics places 150+ data analytics tools into the hands of your entire staff within Excel.  With TeamMate Analytics, firms can perform work that, traditionally, is impossible.  This benefit alone expands the value the firm can offer clients.  TeamMate Analytics saves you time as it enables auditors to work more efficiently and effectively.  Ultimately, an analytics tools such as TeamMate Analytics will help to reduce the risk of missing material misstatements by providing deeper insight into underlying records.

The Integrated Audit Approach Keeps Getting Better

TeamMate Analytics joins the award-winning solutions of Wolters Kluwer’s Integrated Audit Approach, including CCH ProSystem fx Engagement, CCH ProSystem fx Knowledge Coach, CCH Accounting Research Manager and CCH Audit Accelerator. The Integrated Audit Approach is now more robust than ever, further streamlining the audit workflow for even more efficient processes that save both time and money.

Ready to learn more about TeamMate Analytics, and how this analytics tool can improve the quality of your audit?  Learn more by checking out the webpage, CCHGroup.com/AuditAnalytics. There you can read more, view a video, or schedule a live demo at no obligation to you.

AUTHOR

Kim Conaway

All stories by: Kim Conaway

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