Audit Analytics

The future of audit is data driven

Big Data has become an important topic for all organisations. Given the digital nature of everyday life, we are generating more data than ever before. This also has in impact on various industries, and audit is no different. Given the large volumes of data that clients generate, traditional audit procedures have to be rethought, as they will not cater for all information available.

Trends indicate that the audit industry is changing its’ methodologies to incorporate more digital audit procedures, which give better coverage and thus better assurance. The days of selecting small samples are coming to an end, and take a moment to think about how your future audit program will look like. Some examples of what your future audit program could look like would be:

  • The use of AI-based algorithms to analyse large amounts of data for inconsistencies and abnormalities
  • Using Natural Language Processing (NLP) to capture relevant information from documents such as contracts
  • Replacing random sampling on controls such as three-way matching with data analysis. This will provide full population coverage on your data
  • Using Robotics Process Automation (RPA) to extract and analyse information from ERP Systems like Datev
  • Automated pattern recognition in automated journal postings using machine learning


We at RSM have vast experience in the field of Audit Analytics, and can assist you to make your audit truly digital. We focus on the following solutions:

  • Journal entry testing
  • Subledger analysis (e.g. Accounts Payable, Accounts Receivable and Inventory)
  • Internal controls testing
  • Continuous control monitoring
  • Custom business process analytics
  • Data consolidations


Future proof your auditing practice with our team of audit analytics experts, and provide greater assurance to your clients.

Contact

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Dr. Oliver Bungartz

Partner - RAS, Hamburg

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Gregor Strobl

Co-Leiter Risk Advisory Services - RAS, Hamburg

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CONTACT US

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