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When using data analytics for an audit, some of the most significant challenges are determining which areas to test and what types of tests and reports to run.
The Financial App is a collection of 55+ pre-built analytic tests and reports for business-critical areas:
General Ledger
Accounts Payable
Accounts Receivable
Fixed Assets
Inventory
The App helps perform standard evaluations and run specific audit tests to detect issues. It can be used on every audit engagement to boost productivity and improve audit quality and consistency.
1. Import client data
2. Launch the Financial App (FIN) and select desired routines
3. Correlate data field names in routines and files using “Define Tags” button
4. Press OK and review results in “Conclusions” fly-out window
This extensive set of routines simplifies the analysis of general ledger, accounts receivable, inventory, fixed asset and accounts payable transactions.
Requires minimal training
Provides a standard set of automatic audit tests in every year-end audit
Integrates into the audit cycle to replace conventional procedures
Ensures audits are uniform and increases the quality of all year-end audits
Tests are itemized in a process-oriented logical structure by audit phases
Creates independency of different accounting systems and their system-based evaluations
Simplifies journal entry testing required by the International Standards on Auditing (ISA 240.32 and ISA 240.A43)
Perform standard evaluations and run specific audit tests to detect issues using this suite of 55+ pre-built tests and reports. It can be used on every audit engagement to boost productivity and improve audit quality and consistency.
The Financial App has saved us lots of time and is very easy to use. You simply select the tests you want to run and follow the steps to get your results. It increases productivity from day one.
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