Audit Analytics is an audit management platform suitable for medium to large enterprises across all Industries. It incorporates artificial intelligence and machine learning tools to discover and analyse patterns and identify anomalies.
The platform analyses large volumes of data and identifies misstatements or fraud which would otherwise had been remained unnoticed. It does not only save effort for auditors, but most importantly, it increases the efficiency and effectiveness of the audit process. Auditors can now conduct more frequent audits in high-risk areas and enhance the reliability of audit results. The platform becomes a central repository of all the audit related activities such as file management, findings, creation of reports etc and introduces:
- Knowledge database for assistance in the reassessment of past findings
- Enhanced audit input by transforming hard documents into digital forms, ready to be processed and analysing images and video
Overall the platform plays a central role in improving the performance of internal audits and gradually enables the implementation of continuous auditing.
The benefits of audit analytics are immediate. It increases operational efficiency by reducing costs and helps quickly identify potential fraud and anomalies. Auditors are equipped to assess potential risks, identify operational inefficiency, and provide insights, overall they can provide a higher level of assurance. For example, you can detect outliers from group life insurance claims. Or identify potential fraud in the wire transfer payment process. Even event logs can be used to detect deficient controls.
Auditors of any degree of familiarity with advanced statistical techniques and data analytics tools can use audit analytics. The platform creates data models and visualisation of large volumes of data in an intuitive way that hides the complexity. It empowers auditors even if they have limited data analysis knowledge to make the best use of audit analytics.