
What does data analytics bring to your audit?
We will ingest the data from your accounting system via Inflo which means the audit team have access to 100% of the data and this significantly reduces the amount of reports your finance team need to be provide but allows us to perform a suite of analytical tests and provide you with a report on useful management insights to your finance function.
Data analytics enhances your audit by:
- Allowing us to focus our work on the highest risk transactions
- Allowing us to quickly identify trends and outliers
- Allow us to scope risk and provide a more direct audit approach
- Giving us the ability to review 100% of the transactions in an efficient way
- Allowing us to gain a better understanding of your finance function and processes
- Benchmarking you against similar entities in your sector
- Allowing us to feedback on any weaknesses and process improvements within the finance function
How an audit with data analytics works
Audit Planning
- Collaboration
- Data ingestion
- Risk profiling
Audit Execution
- Automated sampling
- Fraud detection
- Reduced reports
- Risk focussed audit work
- Identified trend and outliers
Audit Reporting
- KPI benchmarking
- Management insights
- Process improvements