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Quick Tips for Using IDEA to Stay Ahead
Summer has wrapped, school is in session and fall is here! And just like a boomerang, busy season will be back around soon. We’ve rounded up a few ways CaseWare IDEA® can help you prepare for fieldwork and save some time.
Preliminary fieldwork provides assurance and helps you know where to start before the year-end.
Start by evaluating last year’s busy season by conducting a retrospective evaluation on the prior year. What went well? What could have gone better? What should you do differently? Audit files typically contain suggestions for audit efficiencies such as whether the scheduling process, budgets, and staffing were appropriate and adequate.
Having a starting point can save hours of effort. IDEA’s built-in regression, correlation, trend analysis, and time-series functionality can help you quickly analyze many areas prior to starting your fieldwork including:
A great place to start is analyzing accounts receivables data. Set a benchmark before year-end work commences. For example:
When conducting an audit and working to determine whether internal controls are working as expected, the numbers will always point you in the right direction. For example:
These types of tests give you reasonableness of the client. If anything sticks out, you know where to focus your attention.
There are countless ways IDEA can be used to help point you in the right direction. Still not sure where to start? Let IDEA’s Discover feature do the work for you!
With the release of version 10, IDEA entered the realm of analytic intelligence. It automatically identifies trends, patterns, and outliers, and presents them in a visual dashboard for review within seconds.
Depending on the Analytic Intelligence processing, charts are either presented with summarized data or stratified data. Auto-generated chart captions that detail the database name, field names and the analysis performed accompany each chart. You can save the dashboard with the generated visuals or modify the displayed information using the Visualize Task.
You don’t have to know the data – IDEA does the analysis for you. This is a great benefit for new staff to the team, who can start contributing to the work immediately with their findings – or better yet, get a jump on the busy season rush!
Need an extra set of hands for busy season work? Our Professional Services team is ready to save you hours with everything from data acquisition and importing to automating repeatable tasks with custom IDEAScripts. See how we can help lighten your workload by contacting [email protected] to get started!