Data analysis tools and techniques are helping to fundamentally transform and improve audit approaches. Internal audit organizations today are evaluating and defining how they will leverage and adopt these skills and tools in order to increase the effectiveness and efficiency of this critical function.
The data analysis team searches for trends and interprets data about operations, controls and financial results. We can analyze any amount of data and have the flexibility to access data from mainframes to PDFs, and develop the analysis into a continuous monitoring tool, if desired. You can apply data analysis to countless aspects of your business, however we recommend focusing on specific areas of risk and concern.
With the largest and most technically proficient Data Analysis team in the region, we are confident we can meet the needs of the Internal Audit department as well as the organization overall. Our data analysis team is the go-to firm, supporting the effective use and integration of data analysis tools into audit and risk management processes. Our team continues to stay on the cutting edge of data analysis tools and techniques, helping clients to implement and leverage the most appropriate tools and techniques.
Our specialty areas include:
Audit Assistance – Risks have been identified and controls documented – now what does your data say? Adding a data analysis component to the audit review allows:
- Control testing of 100% of the population
- Targeting sample selections to records with higher risk
- Easily filtering for outliers and
- Readily identifying criteria that might not fit typical patterns
Our team can assist from risk identification to report preparation. What’s on your audit plan this year?
Automating Analysis – While an audit can help you find out if your processes are working as of a point-in-time, an automated analysis can provide an opportunity to perform periodic, repeated assessments of high-risk, data-intensive areas in a cost-effective way, significantly reducing the time spent on audit analysis.
ACL Coaching and Mentoring – What’s next after you’ve taken all the ACL classes? Consider a coaching contract with Brown Smith Wallace to ensure you’re getting the most out of your training. With over 40 combined years of experience, our group can:
- Collaborate to automate a process (design phase)
- Assist your ACL expert in scripting a project
- Review code for efficiencies
- Teach targeted process classes (functions, imports)
Whether you have a single expert or a data analysis group, we can partner with you to help take your ACL analysis capabilities to the next level.
The Brown Smith Wallace data analysis team uses ACL software in addition to other tools to perform data analysis. Our professional team includes data analysis experts, as well as accountants and IT auditors that are trained in ACL, MS Access, MS Excel, and SQL. These tools, combined with years of data analysis, consulting and audit experience, provide you with valuable insight for strategic and critical business thinking.
For more information on how data analysis will benefit your organization, or to learn more about our advisory services practice, please contact us today.