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
