In the last of our 5-blog series about data analytics, our focus is on tools that help address disruptions in the industry.
Data Analytics Needs a GPS
Do you ever wonder how we found anything before the invention of GPS? Amazingly, with a few taps of our phone’s screen we can get turn-by-turn directions virtually anywhere on earth. Travelers who frequent new locations find this tool invaluable. Similarly, you probably wish you had something like that when examining large populations of data provided by your clients. When the population contains thousands of rows or columns, how do you ever find the items you are looking for?
TeamMate Analytics is the Answer
TeamMate Analytics is the perfect tool for that job. The solution contains over 150 tools and techniques. Those enable auditors to quickly and easily analyze and extract data from large populations, focusing on risky areas or transactions.
- The Extract function lets auditors effortlessly find Duplicates or Gaps in a series of numbers, or search the population for key Words or Phrases.
- Exception Reports allow auditors to find transactions that match custom criteria.
- The Numeric Analysis functions:
- Find unusual combinations of digits by performing Benford’s Testing
- Identify unusual values through an Outliers test
- Find rounded numbers through a Numerical Analysis
Additionally, TeamMate Analytics includes five different sample selection techniques. Stratified Sampling is included. It automates your sample selection process and ensures random samples.
However, simply finding the items is not enough. Forthwith, we must also leave a roadmap documenting the procedures we performed.
Specifically, one of the most commonly cited audit deficiencies is a lack of proper documentation. Luckily, TeamMate Analytics automatically adds comments when performing procedures. Thus, documenting an audit trail of all the steps completed. In fact, you can even add screenshots of the forms used to run the test. Hence, showing the exact selections made. Ultimately, these two features alone ensure that a reviewer could re-perform the procedures, if necessary.
In conclusion, examining large populations of data often makes you feel lost. Fortunately, TeamMate Analytics contains a host of tools to guide you through this process. Additionally, it has an easy-to-use interface based entirely in Microsoft Excel – a program already used by every auditor. As a result, by combining these tools and the interface, this process becomes a breeze!
If you have not yet checked out TeamMate Analytics, you should do so today. Check out this video and customer testimonials.
The TeamMate Analytics solution 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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