Data Analytics: No Longer a Nice-to-Have, Now a Necessity
Firms perform more than one million audits each year. Over the last few years, data analytics grew to become a critical part of the audit workflow. Now, the AICPA requires auditors to incorporate data analytics into every audit. Further, data analytics help firms move toward a more data-driven approach to auditing. So, all firms need to have an easy-to-use, powerful data analytics tool as part of their auditing solution set.
TeamMate® Analytics: Built for auditors
TeamMate® Analytics provides firms with more than 150 industry-standard data analysis tools specifically designed for audit management. Any firm can use it. Indeed, firms ranging from sole practitioners to Big 4 accounting firms trust and use the solution. Here are a few of the ways it enhances the auditing process:
- First, TeamMate Analytics helps minimize risk with analytics tools such as gap and duplicate detection, Benford’s testing, Monetoary Unit Sampling, and stratification. It can help auditors test controls, analyze variance, and perform regression analysis.
- Second, it helps auditors consistently apply data analytics with configurable modules of statistical tests called Expert Analyzers. The solution comes with pre-built Expert Analyzers and firms can customize them for everyone in the audit practice to use.
- Third, it simplifies data analysis, from sampling to fraud detection, thereby saving time for auditors while improving audit quality.
Watch the demo to see this revolutionary time-saving tool in action.
Get started with data analytics
According to Dorothy McQuilken, Senior Manager of Audit Data Analytics & ERM for AICPA, firms can take several steps to get started with data analytics more easily. To start with, discuss data analytics with your clients. Take care to understand the reliability, accuracy and completeness of client data as well as the systems they use to produce that data.
Next, learn about data standardization. The more your clients follow the AICPA’s audit data standards, the better your data analytics will perform. Ultimately, your goal is to create a consistent, repeatable process that yields accurate results. Find the Audit Data Standard documents on the AICPA’s Audit Data Analytics webpage where you will also find the Guide to Audit Data Analytics.
Finally, you will want to make a commitment to keep learning about data analytics. Having a good analytics tool with good learning aids certainly helps. For example, TeamMate Analytics contains comprehensive instructions for every test which helps auditors learn how to run the test, what situations to apply them to and how to interpret results.
Watch the demo to discover the value TeamMate Analytics can bring to your firm.