Why audit smarter? Because, it is time to challenge the status quo!
Some people say that audit work is becoming a commodity. However, others say it becomes a commodity only if we let it! So, do not let it. Figure out how to audit smarter, especially when it comes to data analytics. Clients expect value, and there is a lot of value that we can deliver to them as part of the audit. The trick is to figure out how to find:
- The value
- Ways to enhance your client collaboration
- Efficiencies to maximize realizations
Audit Smarter with Easy Access to Client Data
Indeed, the one common denominator to finding the answers is DATA! Easy access to that data is critical, too – for both supporting documents and general ledger data. With that client data, you will be able to:
- Automate and standardize your audit procedures
- Plan a more quality audit earlier
Not to mention, you will also have access to your client data throughout the year, creating a continuous audit moving forward. The result – the bottom line — is you will not only audit smarter — you will additionally grow your business.
AICPA’s Guide to Audit Data Analytics
Furthermore, being able to audit smarter using data analytics is getting more attention by standard-setters. Globally, advanced data analytics is a priority to standard-setters because they want to be responsive to what is happening in the marketplace. So, if you want to stay relevant to your clients, you have to make data analytics a priority no matter your firm size. A standard-setter weighing in on this topic is the AICPA.
Recently, the AICPA released a new Guide to Audit Data Analytics. Here are some key insights from it for your consideration:
- The use of an advanced data analytic tools has several benefits, including:
- Enhanced understanding of an entity’s operations and associated risks, including fraud risk
- Increased potential for detecting material misstatements
- Improved communications with those charged with governance of audited entities
- When choosing an advanced analytic tool, there are key matters you need to consider, such as:
- Does it allow you to visualize the data?
- Can the tool access the data?
- Is the data relevant and reliable?
- Can you define circumstances in large datasets that will identify areas that need further consideration?
- Does it document the results and the audit trail?
Move Your Business Forward Today
A solution to consider that will help you audit smarter using data analytics is Wolters Kluwer’s Integrated Audit Approach. This approach includes CCH Audit Accelerator, CCH ProSystem fx Engagement, TeamMate Analytics, CCH ProSystem fx Knowledge Coach and CCH Accounting Research Manager. It will move your business forward today — especially when it comes to data analytics.
In fact, with these four simple steps you can enable every auditor to access, analyze, and automate client data. Follow these steps to set your firm apart, and maximize your bottom line!
Step 1: Capture all historical general ledger and sub-ledger data using CCH Audit Accelerator.
Step 2: Request all the supporting documentation directly from CCH ProSystem fx Engagement using a cloud based PBC list. (Engagement Organizer is currently in beta testing.)
Step 3: Launch the data in Excel and run tests customized for your firm using TeamMate Analytics.
Step 4: Launch the visualization dashboard within TeamMate Analytics, both as a risk management tool and a client collaboration tool.
The future of audit has arrived. Challenge the status quo today. Continue your journey by selecting one or all of these options.