CaseWare Africa, a division of Adapt IT, has released details of its latest product addition, CaseWare IDEA Data Analysis – a comprehensive powerful data analytics tool that guarantees data integrity, accelerates the performance of data analytics, and enables faster, more effective external audits.
“Auditing teams spend a significant amount of time selecting samples and analysing client’s data for audit engagements,” said Christiaan Steyn, Assurance Product Manager, CaseWare Africa. “It is now more important than ever for auditors to look at all of the data in the audit, rather than just a sample. This is because of the explosion of the amount of data available to auditors, together with the fact that risk-based auditing is now the expected standard for external audits, as well as the focus on the analysis and management of risk that’s applied within the risk-based auditing approach.”
Steyn said that although auditors cannot be expected to identify 100% of fraud in all cases, they have an obligation to find material misstatements that would change the audit opinion. “It does not matter whether it is due to an error or fraud – if it is a material misstatement, auditors need to identify it. With IDEA, auditing teams can increase their data coverage, by investigating a large number of items and potentially covering 100% of the transactions,” he said. “IDEA enables teams to save an enormous amount of time using built-in risk-based sample models that allow for systematic, random and monetary unit techniques, and prioritise areas of elevated risk. Not only can teams easily sample within minutes but can also take advantage of over 100 audit functions for a robust analysis, including ageing, duplication detection and Benford’s Law.”
IDEA allows audit teams to import information seamlessly and easily from almost any data source, in almost any format. “Once data is imported, IDEA protects source data integrity by only providing teams with read-only access,” Steyn added. “With a built-in workflow, teams are empowered with a full suite of analytical tests for financial audits, that drive additional efficiency and again saves a great deal of time. IDEA can also be helpful in identifying unusual or strange items, testing the validity of items by cross-checking them against other information, or validating calculations.”
Additional features include the ability to visually pinpoint patterns, trends and outliers based on the outcomes of tests to focus audit efforts.Click below to share this article