Caseware IDEA® : External Audit

Use Data Analytics & Drive the Quality of the Analysis

Transform the External Audit

Technology opens up your organization to large amounts of data. As this information grows exponentially, searching for anomalies can feel daunting and providing an efficient audit can feel impossible. Leveraging data analytics not only accelerates analysis but allows you to fully harness the knowledge hidden within the data – quickly and effectively. Data analytics drive the success of your firm by allowing you to utilize:

  • Audit specific commands including Benford’s Law, Fuzzy Duplicate, Gap Detection, Summarization and Sampling
  • Advanced analytics with customizable scripts
  • An audit trail you can trust for repeatable analysis

Data Analytics for Financial Statement Audit

Audits have become more frequent, and you feel pressure to deliver a deeper analysis in less time. Overcome these hurdles with data analytics. Our solutions allow you to provide valuable insights into your client’s systems and controls, increase the rigour of audit procedures, and ultimately, drive the quality of your assurance engagement. Data analytics enhances the financial statement audit by giving you the ability to:

  • Easily obtain data from several accounting packages increasing efficiencies and preventing silos of data
  • Perform audit-specific tests including general accounting, revenue, liability, assets and payables, providing the highest level of quality and consistency of the audit and review
  • Analyze up to 100% of the data for an accurate and thorough analysis

Tax Audit & Data Analytics

Unnecessary complex issues arise due to the variety and large volume of tax data. Structured and unstructured data, internal and external data, and data from many sources stand in the way of an efficient tax audit. With our solution, you can examine disparate sources of data as if they were one and examine 100% of the transactions. Tapping into historical data turns your tax team from operations into forward-thinking strategic advisors. Boost your tax function by using analytics to:

  • Import from virtually any file source including PDFs, ERPs, POS systems, and more
  • Use commands designed for the tax audit, including Benford’s Law, Fuzzy Duplicate
  • Extract sales from unedited POS transaction files
  • Record every step for repeatable processes

Fraud Investigation & Data Analytics

Most cases of fraud go unreported even though the CFE estimates that 5% of an organization’s annual revenue is lost to illegal activity. Rising amounts of transactions put pressure on your team to heighten vigilance. To meet this demand, we provide a variety of tools and tests so you can find critical issues, locate trends and generate detailed reports. Tackle fraud, on time and budget by using data analytics to:

  • Analyze 100% of the data, so nothing gets past your audit team
  • Access 100+ common audit functions including Benford’s law, Fuzzy Duplicate, Ghost Employee analysis, plus many more
  • Produce a clear audit trail for repeatable analysis

Key Features

ConnectConsolidate 2

Connect & Consolidate

Import information seamlessly and easily from almost any data source, in almost any format.

Source Data Protection 2

Source Data Protection

Protect source data integrity with read-only access to all imported datasets.

Deliver Key Insights 2

Deliver Key Insights

Use over 100 audit functions for a robust analysis, including ageing, duplication detection and Benford’s Law.

Risk based transaction analysis

Risk-based Sample Model

Apply a risk-based sample model using systematic, random or monetary unit techniques, and prioritise areas with elevated risks.

Built in Workflows 2

Built-in Workflows

Execute a full suite of analytical tests for Financial audits with the SmartAnalyzer FinApp.

Explore Visualise 2

Explore & Visualise

Pinpoint patterns, trends and outliers visually based on the outcomes of tests to focus audit efforts.

Record Process

Record Every Step

Follow a clear built-in audit trail that allows for repeatable analysis and audit evidence.

analytics

Advanced Analysis Using Python

Incorporate advanced analytics in the analysis process with Python scripting support.

Required Products:

CaseWare IDEA

Caseware IDEA

The trusted tool for external audit data analysis and analytics.

Optional Extras:

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