Utilizing the power of data – audit of the future
At Deloitte, analytics is essential to shaping our audit of the future. Analysing data is the key component of the audit, that is the process of exploring large sets of data, discover and analyse patterns, identify anomalies, profile trends, and reveal further insights.
We continuously advance our capabilities in analytics and the related experience and competencies, thus we are further integrating analytics into our audits. This includes the use of enhanced audit analytics tools and solutions that expand our ability to deliver a high quality audit service to our clients. In order to simplify our support of procedures, we are implementing new data extraction tools that will streamline the process of providing your data to Deloitte in the most efficient and secure manner.
Employing audit analytics requires Deloitte to obtain the relevant data from your financial systems, and then reconcile and format it for use in our analytics solutions. Deloitte uses various extraction methods and tools that work with a range of different ERP/accounting systems.
The integrity of your data is a business prerequisite for Deloitte, which is why robust security features have been incorporated into the design of Deloitte’s audit analytics solutions.
Alchemy has been designed to integrate complex client data in a database, supports risk assessment with data analytics solutions, automates audit procedures and changes delivery model to enhance effective audit execution for SME size clients.
The audit tools based on data analytics bring about a significantly more effective execution of the audits. Our competitors tend to only use global tools, and the difference between global schemes and local features often raises issues.
For the purpose of developing Alchemy, Deloitte Hungary used the experience of globally developed audit analytics tools and methodology to reach a flexible and optimal solution adapted to local characteristics, Central European company sizes and local processes and to create value for both the auditor and the clients.
Deloitte Connect is a secure, online collaboration site that facilitates a two-way dialogue between the Deloitte team and client team to effectively manage engagement coordination. With drill-down status dashboards and system-generated email alerts, Deloitte Connect streamlines information requests and provides greater visibility to status - providing a transparent, informative and seamless experience.
Deloitte Connect may be used by Deloitte proffesionals serving on audit or advisory engagement teams and by client users granted access by their engagement teams.
The Risk Matrix highlights the correlation among individual accounts by working with financial and non-financial indicators and figures. The purpose hereof is to gain a better understanding of the client's business in order to determine risk areas early in the planning phase and to perform more accurate roll forward procedures during the final audit.
Utilization of Risk Matrix provides client with useful insights such as:
- non-reliable monthly reporting,
- internal control deficiencies,
- gaps in controlling due to the inability to explain key trends,
- and much more!
The usage of Risk Matrix across more data sets (e.g. similar projects, branches) provides the insights about patterns that deviate from the norm and might require further investigation of the client.
The principle of the year end balances’ prediction included in Risk Matrix could be interesting and helpful for the client regarding its forecast of quarterly/monthly reporting.
Spotlight is an analytics application that delivers self-service analytics directly into the hands of the auditor. The analytics offered will help practitioners to identify audit and business-related insights which can be shared with management and those charged with governance, offering a higher value audit experience to the client. The solution will help audit teams incorporate data analytics into their audits, enabling higher quality in a cost effective, efficient, and methodology compliant manner.