The internal audit department of a university with 9,500+ students purchased CaseWare IDEA® to conduct ad hoc reviews of various data sets.
University auditors wanted to quickly implement IDEA to analyze Accounts Payable, Purchasing Card (p-card) and employee data for duplicates and potential matches to identify potential fraud. The internal auditors were uncertain about which tests to run, and wanted to automate analysis for low-risk areas to increase their efficiency.
The Solutions Development team proposed a variety of analytics tests to increase visibility within key financial areas. P-card control tests included issuance, activity for employees on leave, administration, program performance, spending patterns and transaction policy violations, such as cash advance purchases.
The client was able to quickly test and detect matches and potential violations within AP, p-card and employee data. The Solutions Development team created custom IDEAScripts to automate repeatable processes for future audits. Testing these key risk areas helped the university strengthen internal controls, increase their efficiency and properly monitor transactions. By testing these key areas, the auditors were able to make more informed decisions and focus on the results rather than the process.