The following whitepapers are offered as part of our AuditWare Whitepaper research series. Click on the link to be taken to the whitepaper’s download page.
Unlocking the Power of Data Analytics in Internal Audit
In today’s technology-centric business environment, an organisation’s digital fitness contributes enormously to its effectiveness, competitiveness, and perceived value, and things are no different with the internal audit function. Yet many organisations still struggle to implement effective audit data analytics programs and use them to their full potential.
To help organisations navigate this landscape, we present The Power of Data Analytics in Internal Audit, an exploration of what data analytics is, why it is beneficial, and how to overcome obstacles to its adoption.
Auditing with Data Analytics – The Complete Guide
When it comes to auditing, utilising CaseWare IDEA to analyse 100% of the data is a smart choice. It is comprehensive, powerful and easy to use, and offers more than 100 common audit functions such as Benford’s Law, fuzzy duplicate, gap detection, summarisation, stratification, sampling and more.
In this guide, auditors, accountants and other financial professionals will find detailed information on some of the countless ways IDEA can be used to perform tests and analyses during audits within different departments and industries, as well as pointers on what to watch for when auditing in those areas.
Combat Fraud Using Audit Analytics
ACFE’s 2018 Report to the Nations – Global Study on Occupational Fraud and Abuse recently revealed that, globally, the rate of occupational fraud affecting organisations has risen sharply in the last two years, from £4.7bn ($6.3bn) to £5.3bn ($7bn), with a median loss per case now sitting at £99,000. The median loss per case was even more significant for small businesses with <100 employees sitting at £152,000.
From employee abuse of company cards through to simple theft, data analytics can have a significant role to play in early-warning, detection, and monitoring of fraud.
Six Steps to an Effective Audit Function
Clients, customers and investors alike have little tolerance when controls fail to reveal erroneous data used in operational decisions and financial reporting. Undetected errors in systems and data can also yield opportunities for fraud and abuse. The best tool that can be used to determine the reliability and integrity of information systems is data analysis software.
When properly used by trained staff, data analysis software can be incorporated into audit plans to provide assurance and consulting services related to your organisation’s information systems and thus becomes the true cornerstone of an effective audit foundation.
Forget Excel! Five reasons to switch to a real Data Analytics solution
When it comes to auditing and fraud detection, spreadsheets are one of the most popular tools because they are both familiar and convenient. Most spreadsheet applications, however, aren’t designed to handle large data sets, automate analysis or import data from a variety of sources—all functionalities that auditors and other financial professionals often need.
Professional-grade data analytics tools, CaseWare IDEA® Data Analysis software, offer these core capabilities and more to help make audits more effective and efficient. Download your free eBook for the five reasons you should be using a professional-grade data analytics tool rather than standard spreadsheets.
Data Analytics – The Key to Risk-based Auditing
To ensure organisations reach their objectives, it is imperative that internal audit reviews the controls in place to reduce the risks their companies face. In order to distinguish this process from ‘traditional’ internal auditing, the term ‘risk-based internal auditing’ was coined.
Our free eBook will tell you how auditors can assess, respond to, and analyse the risks they encounter during a risk-based audit using specialised data analysis techniques and technologies.