This is the second in our 5-blog series about audit data analytics. In last week’s blog, we discussed visualization. This week we are talking about how to get started.
Change is happening fast
Over the next several years, the auditing profession will see changes at a pace never seen before. Client’s accounting systems are going to generate more data points than they ever have. We will see:
- Automated routine tests
- Auditors expected to perform more complex, data driven procedures
- Clients expecting deeper insights and advice
To make this transition, firms are turning to software tools that perform data analysis and extraction. However, simply making a tool available to the firm does not ensure it will used effectively or efficiently. In fact, many auditors find themselves asking, “Where do I start with these types of tools?”
Audit Data Analytics
TeamMate Analytics includes two tools to help firms start addressing these issues. First is the Test Library, which includes hundreds of sample procedures that TeamMate Analytics can perform. The list of procedures includes:
- Details on when and why to perform the test
- Data requirements
- How to perform the procedure
- How to interpret the results
Additionally, you can run the tests directly from the test library, and even combine tests – creating audit programs as well as data request to send to the client.
Second is Custom Modules, which help firms implement a data analysis solution. Custom Modules allow a single user to develop a group of tests that can all be run on a population all at the same time. Furthermore, the Custom Module is sharable with the rest of the firm. That creates efficiencies by leveraging the work done by the developer. Therefore, using Custom Modules ensures consistent use of TeamMate Analytics across the entire firm.
To ensure a successful implementation of a data analysis solution, firms need a plan in place. That plan needs to ensure that auditors understand the tool’s capabilities, as well as how to use it consistently across the board. The TeamMate Analytics solution accomplishes all of that!
TeamMate Analytics is part of Wolters Kluwer’s Integrated Audit Approach. This approach seamlessly unites CCH Audit Accelerator, CCH ProSystem fx Engagement, TeamMate Analytics, CCH ProSystem fx Knowledge Coach, and CCH Accounting Research Manager. Additionally, it also leverages our School of Audit. This combination of solutions helps firms maximize realizations and increase audit quality to ensure peer review readiness. If you have not checked out these solutions and this approach, it is worth your time to do so. Consider attending a complimentary demo at a time that fits your schedule.
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Series #1: Audit Data Analytics-Visualization