In the current digital business environment, data is continuously collected from various sources. The conventional auditing processes cannot keep up with the volume of data this presents and suffers from the constant risk of missing critical anomalies.
Auditors are looking for analytics tools that can model audit risk to suit any engagement and deliver results instantaneously. However, analytics is not often a part of the audit workflow, forcing auditors to perform it as a separate function or rely on data specialists, which leads to longer audits and little visibility on tests performed.
AnalyticsAI brings analytics directly into the engagements. With artificial intelligence-based analysis, AnalyticsAI improves efficiency, quality, and value by analyzing all data at once. The tool swiftly analyses transactions by automatically performing multiple routine tests on a whole transaction set to help determine risk.
Manage Multiple Data Sources
Accounting firms are under pressure to provide more value from their audit work. Yet, it can be difficult to develop strong insights when data is spread across files, systems, and solutions.
IDEA Data Analysis makes it easy to integrate data from multiple sources so you can perform strong data analytics quickly and efficiently. This will let you provide higher quality insights and more value to your clients.
Identify Fraud and Inconsistencies
During an audit, the availability of a significant wealth of data can sometimes be a hindrance. Detecting fraud, for example, can be like finding a needle in a haystack.
With IDEA Data Analysis, accounting firms can quickly and easily analyze copious amounts of data. Automated tools and reporting can help audit teams identify potential fraud or other discrepancies more effectively and efficiently.
Conduct Deeper Analysis
When it comes to conducting client work, accounting firms typically have access to a significant amount of information. But conducting deeper analysis typically requires more time and a bigger budget than most clients are willing to pay.
With IDEA Data Analysis, accounting firms can leverage powerful and automated analytics tools to help dig deeper into data without requiring significantly more staff time. This will let you provide clients with more valuable operational insights than ever before.