In the world of big data and greater connectivity, audit as we knew it is changing quickly, is your auditor changing with the times too?
Recent high-profile news stories about audit failings have raised various questions of what an audit is, what does an audit actually involve and is the audit then worth the paper it is written on?
To answer these questions in detail would take a few sides of A4! However at BHP, audit quality and adding value are key outcomes we measure. Our clients certainly know they have been audited!
Traditional auditing techniques of sampling and looking for the ‘needle in the haystack’ are now less and less effective as financial systems collate more and more financial data. What is needed are audit tools and techniques that are fit for a world of ‘Big Data’, artificial intelligence and automation; so that auditors focus on the key risk areas.
Over the past two years, BHP has invested significantly to work closely with the leading provider of data analytics software to truly enhance our audit quality and service. Our audits now have the capability to:
- extract data quickly from just about any accounting package
- mine 100% of the financial data sets
- extract key financial analysis quickly and efficiently
- identify unusual posting activities (e.g. journals at a weekend)
- pinpoint outlier transactions at the touch of a button
- benchmark financial results to industry peers
The benefits our clients are seeing are clear:
- boards of Directors / Trustees gain greater assurance over their finance teams
- automation of time intensive tasks means time is spent on what matters
- adding value through our business insights and interpretation
- identify weak financial processes and make practical recommendations
- improved fraud procedures using powerful anomaly detection
- clients spending less time preparing information
- a more proactive auditor that adjusts the focus from the past to planning for the future
If your auditor is not discussing with you how they are using the latest data analytical techniques. Then it’s time to ask why? At BHP, we already have the experience and expertise and we would love to demonstrate its potential with you.
If you are interested or want to know more, please get in touch.