CaseWare IDEA – Data Analytics software for the audit

Data Analytics is changing the audit landscape globally. When you are analyzing data for any audit, whether you want to detect fraud, or identify anomalies, trends, or patterns, you need a solution that understands you and your business needs. The solution should also empower you to deliver high-quality audits every single time.

Auditors and accountants have been using data analytics in one way or another for over the last decades, on paper, with software solutions like Excel and yet most struggle to maximize the value data analytics can offer. While some audit organizations have matured over the years and gained tremendous value from using data analytics, others struggle with consistent use and obtaining valuable results. How to adopt data analytics? The following steps you need to think of with the implementation of a data analytics strategy.  

• Raise Awareness / Shift the Mindset – Demonstrate the capabilities of data analytics in ways that can be easily understood. We can help you to give a demonstration.
• A Shared Vision & Road Map – Along with top-management support, businesses need a clearly defined strategy for data analytics.
• Scale It – Start with a pilot audit that is less complex but high in value.
• Choose Your Tool(s) Carefully – One of the criteria: Ease of onboarding and use.
• Ensure Access to Quality Data – Your group’s access to complete and accurate data is paramount. This is what enables your in-depth analysis of in-scope business processes.
• Prepare your team – While training is still required, analytics tools are easier than ever for auditors to use.
• Focus on Essentials – eg. Automated processes – Freed from manual tasks, teams can focus on areas requiring significant judgment.
• Reporting – Communicating the benefits of continued investments in tools, training, and resources for data analytics itself is also important.

Frequently used arguments

1. We already have Excel (or another tool). We do not need to have a professional audit tool.

There are lots of reasons why a more professional tool is useful. The most common reasons are:

• Data acquisition, importing data from multiple sources.
• Data integrity, protects source data and allows only read-only access, ensuring all data is reliable.
• Pre-built analytics
• Repeatable analyses, no need to do everything manually.
• Support- / helpdesk when you have questions.

2. Only the large accounting firms can use these tools, they buy the knowledge.

CaseWare IDEA is founded by the Canadian Institute of Chartered Accountants, so the tool is developed by auditors for auditors. With only 2 days of training, you can work with the software. When you already have knowledge with data analytics in Excel analytics can be done even faster.

3. It is expensive to implement a professional tool.

The costs must first be incurred before one can benefit from the improved efficiency. The first year costs consist of the software but also the time you invest in learning. The fast-learning curve of the software will be equal to a tool like Excel. For the members of Suomen Tilintarkastajat, we have created a discounted price.

Correct, not all audits need data analytics. It is important to have a plan and strategy in which audits you want to apply data analytics. Once you have this in place you can expand this every year. The analytics done can be created as repetitive tasks (RPA) and be repeated easily next year.

5. We want to see or test the software before we subscribe!

This is possible! We do online demonstrations, webinars and we provide our software with full functionality for a testing period of 15 days.

What value can CaseWare IDEA give to you?

It is our mission to help you as an auditor to analyse data. We do this through videos, training and courses. Everything starts with our unique software with which you in no time can apply the most effective data analyses even without any technical knowledge.

Are you interested in a demonstration, trial version or you want to subscribe to our software? Please send me an e-mail, Erik.vanderzee@caseware.com

– Erik van der Zee toimii asiakaspäällikkönä CaseWare IDEA B.V.:ssä. Hän toimii analytiikkaohjelmiston yhteyshenkilönä yhdistyksen suuntaan.

Suomen Tilintarkastajat ry:n tilintarkastajajäsenet saavat CaseWare IDEA -analytiikkaohjelmistosta alennusta. Tutustu etuun >