Spring into Action with Audit Data Analytics (ADAs)

Is your firm still auditing the old school way?  Has your firm considered incorporating Audit Data Analytics (ADA) into your audit strategy?  Times are changing and changing quickly. Don’t get left behind. Spring into action and start learning how ADAs can enhance your audit quality.

Big data and analytics are offering auditors to better identify:

  • Financial reporting
  • Fraud
  • Business risks

Furthermore, from that improved identification, auditors can tailor their approach and deliver a more relevant audit.

In short, what that means is that auditors need to start thinking about what advances in technology:

  • Increase audit quality
  • While also reducing costs

Not surprisingly, Wolters Kluwer can help.

ADAs – TeamMate Analytics

For example, CCH Learning and Development Academy School of Audit courses take an approach that helps. In each of the courses, attendees learn how to incorporate ADAs into audit procedures using TeamMate Analytics. Specifically, here are the topics covered in each level course of School of Audit regarding TeamMate Analytics:

  1. New Hire Staff – Exception Reports, Random Sampling, Gap Testing
  2. Experienced Staff – Journal Entry Testing, Duplicates Testing, Summarize, Aging, Exception Reports, Random Sampling
  3. Senior Staff – Stratification, Random Sampling, Exception Reports, Join 2 Sheets, Aging, Benford’s Law, Advanced Summary, Ledger Split
  4. Experienced Senior – Customer Modules, Advanced Import Wizard

School of Audit

Surely, now is the time to educate your firm about ADAs. In other words, begin laying the foundation for the new-school way of auditing now. By focusing on the areas of risk discovered through analytics, your firm can perform more efficient and effective audits.  Certainly, do not wait to develop a strategy to incorporate data analytics into your practice. Fact is, big data is here and continues to rapidly evolve.

Regarding the School of Audit, in addition to learning how to use TeamMate Analytics during an audit, students also learn best practices, tips and tricks. Those best practices, tips and tricks are focused on the most effective use of:

  • Both CCH ProSystem fx Engagement and CCH ProSystem fx Knowledge Coach
  • Also CCH Accounting Research Manager

In concert, these solutions provide the most streamlined audit workflow for you firm.

Act now

The time to act is now!

  • For more information about the Academy click here.
  • To view our full list of role-based and specialty programs click here.
  • For more information about TeamMate Analytics click here.

 

AUTHOR

Brett Bell

Senior Accounting & Audit Consultant, CCH Learning & Development Academy School of Audit Lead

All stories by: Brett Bell