Houston – August 27, 2012 – Audimation Services, Inc. today announced the development and release of a new Audimated App designed to automate the process of selecting samples across multiple employee benefit plan (EBP) types to increase efficiency, reduce time and generate uniform output of data for further analysis.
The Multi-Level Sampling for EBP Audits App eliminates the manual process of sifting through hundreds of pages or electronic records of detailed transactional data to collect random samples. This complete solution works seamlessly with IDEA® – Data Analysis Software and assists with sampling three types of employee benefit plans: Defined Contribution Pension Plans, Defined Benefit Pension Plans, and Health & Welfare Plans.
The EBP Audit App automatically queries and identifies ineligible participants based on employment dates and employee status parameters for all three plan types. It also automatically performs several data integrity checks such as verifying that all records in the census data appear in the clients HR data. Users can opt to generate a sample of participants who have enrolled in all investment types to save additional time. Data is output into an Excel worksheet in a uniform fashion, providing a consistent approach to audits. Exceptions are noted for further analysis and testing. The built-in logic reduces hours of manual work.
The new App was developed in collaboration with McConnell & Jones, LLP’s EBP Assurance and Compliance Services division, one of the top 40 accounting firms in the U.S. that audit employee benefit plans. The firm performs more than 160 EBP audits per year, and many clients have multiple plans. The firm turned to Audimation Services to develop a technology that would automate and improve their existing process and work across different plan types.
“Our investment in IDEA has paid off immediately and this new App will streamline our sample selection process and save us hours of manual work,” said Rance Buss, CPA, ERISA Partner with McConnell & Jones LLP. “Once the data is imported, we can perform a sample selection in 20 minutes that may have taken us 8 hours to complete. More importantly, the built-in logic gives us a consistent approach to audits and uniform output to work with for testing. It does the work for us!”
Availability & Webcast
The Multi-Level Sampling for EBP Audits Audimated App is available now exclusively from Audimation Services. All Audimated Apps are designed to be shared and may be loaded onto multiple desktops within the same organization for maximum return. Audimation Services is hosting a free Webcast titled, “Employee Benefit Plan Sampling Made Easy” on August 29 and 30 at 12:30 p.m. (CDT).
Audimation Services offers free online demonstrations of IDEA and any of our Audimated Apps. For a demonstration, pricing or to place an order, contact [email protected] or call 888.641.2800 and select option 5 for sales.
About Audimation Services, Inc.
Founded in 1992, Audimation Services, Inc. is a leader in providing data analysis technology to help companies understand their data, assess risks, test controls, and fight fraud. As the sole U.S. distributor of IDEA® – Data Analysis Software, CaseWare™ Monitor and SmartExporter for SAP®, we help our clients maximize their technology investments by providing support, training and other valuable resources. For more information about Audimation Services, visit www.audimation.com or call 888.641.2800.
About CaseWare IDEA Inc.
CaseWare IDEA Inc. is a privately held software development and marketing company, with offices in Toronto and Ottawa, Canada, and distributor partners serving more than 90 countries. CaseWare IDEA Inc. is a subsidiary of CaseWare International Inc., the world leader in business-intelligence software for accountants, auditors and other professionals.
IDEA is a registered trademark of CaseWare International Inc.