Applying analytics to financial audit procedures can enable us to move beyond the traditional perception of audit as a commodity toward a more sophisticated risk analysis, resulting in more robust risk management and audit planning, smarter and more focused audit tests, and the overall delivery of efficient audits. By leveraging the power of analytics, the audit can add further value to clients through the provision of insights and conclusions that help decision makers to take action quickly and to make more effective, timely decisions.
At Deloitte we have developed various tools to be used in both the planning and/or testing phase of audit. You can use, and get inspired by, a range of tools developed by different Deloitte professionals, all aimed at the same goal – quality and efficiency.
There are a number of tools that are developed and ready to use, for example the Excel Analytics toolbar including STAR and Benford Analysis, as well as our own developed tools, such as Correlation matrix, Trend analysis, Predictions based on the correlation matrix, and many others. It should be noted that Audit Analytics is not a set of tools, but a whole concept with direction on how analytics can be applied during audits.
Audit Analytics has been derived from a broader Data Analytics as our first step for audit clients in this fast-growing commercial area. More focused, value-added analysis performed by the Data analytics team – eg customer insight, workforce analytics, fraud end error prevention, etc – can be found at: https://cz.deloitteresources.com/Services/Analytics/Pages/Home.aspx
We believe that audits supported by Audit Analytics bring both an efficient and value-added service, and strong cross-functional cooperation in the delivery of audits and add-on services As One.