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Financial Audit Software
audit & finance
Finance professionals carry the burden of digging deep into data, accounting records, internal controls and policies to prevent fraud, theft and errors. Data analytics tools like
CaseWare IDEA® can help you pinpoint discrepancies in the financial records to gain confidence in the accuracy and integrity of business processes and financial reports.
Analyze Key Financial Data for Greater Insights
Test 100% of GL transactions to analyze journal entries, account information and search for duplicates.
Search through high volumes of transactions to identify late invoices, illegal payments, missing or duplicate items and other indicators of fraud.
Ensure assets are safeguarded by analyzing debts, outstanding items, accounts with large balances, dormant accounts and credit balances.
Take a proactive approach in identifying employee theft by executing trend analysis, searching for anomalies and uncovering illegal activity.
Compare data from different systems to perform testing, prevent overpayments and avoid penalties.
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Where to Apply Data Analytics
Speed closing with quick account reconciliations and adjustment transactions
Easily calculate financial ratios and changes for sales/assets, debt/equity, etc.
Calculate and sort percentage variances in accounts between periods
Analyze year-to-date activity for large operating accounts (rent, taxes, etc.)
Compute weighted averages and interest rates
Create custom balance sheets, P & L statements, cash flow analyses, etc.
Prepare trial balances by tax group and calculate tax provisions
Compare summaries by major accounts
Generate sales and profitability reports by sales representative, product, etc.
Recap product sales by region, customer, category, etc.
Analyze sales trends by comparing current and previous periods
Summarize shipments by warehouse for product distribution analyses
Identify top dollar volumes by products, customers, sales reps, etc.
Analyze demand/trends by comparing current product sales with booked sales
Compare current sales to open receivables
Report and automatically age total receivables
Determine carrying cost by comparing days in collection by customer
Identify credit limit exceptions
Profile customers’ purchasing cycles to improve profitability
Generate summaries by customer, invoice, amounts, etc.
Identify duplicate invoices, credits or receipts
Summarize client days to payment by customer, sales rep, region, etc.
Identify credits taken beyond discount terms
Look for lost revenue from unpaid carrying charges by client, etc.
Identify accounts without recent activity for follow up by sales reps
Determine average sales amounts by product, sales rep, region, etc.
Compare book and tax depreciation and indicate variances
Identity fully depreciated items and assets higher than replacement cost
Recap asset values, in dollar value order, by net or cost amount
Recalculate expense and reserve amounts using replacement costs
Compare useful lives of assets by category
Extract assets with useful lives or depreciation rates beyond set norms
Analyze usage and ordering to improve turnover
Segregate variances from standard pricing in dollar amount order
Identify obsolete inventory by sorted turnover analysis
Report on products in order of profitability
Assess financial viability of LIFO versus FIFO management
Create custom reports on stock and high-value balances
Summarize and stratify turnover by stock item
Compare yearly volume with on-hand quantity for stock items
Analyze high-value transactions
Summarize stock on-hand by group, location, type, etc.
Look for differences between standard costs and actual costs
Compare cost to retail price to look for pricing discrepancies
Find products with zero quantities or zero prices
Review product reordering volumes by item, warehouse, and vendor
Compare voucher or invoices posted against purchase order amounts
Total posted invoices for the year for accurate vendor rebates
Identify vendor unit price variances by product
Find invoices without purchase orders
Look for distributions to suppliers not in suppliers’ master file
Compare recurring monthly expenses to paid invoices
Identify invoices posted with duplicate purchase order numbers
Calculate cash requirements by bank, period, product, vendor, etc.
Look for lost discounts not taken
Compare vendor payables posted to purchase orders
Identify reversals or offset entries
Let's Put Data Analytics to Work for You!
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