What is Data Analytics?
At both global and economic level entities, there has been a huge increase in the quantity of data in the past few years. This has required developers to introduce software to assist in mining through large quantities of data as fraud is hidden and manual checks are insufficient. Data Analysis processes are dedicated to provide extensive in-depth analysis of data sets such as payments, sales, suppliers or employee master files in order to provide meaningful conclusions about the information contained in your internal systems. Depending on the particular tests requested, analysis can be performed on historical records and/or new information to assist in real time analytics uses, and external data sources or internal systems.
Why do you need it?
Many internal control systems have issues with control weaknesses which can be exploited. Using data analytics is therefore ideal to identify and prevent potential fraud.
The benefits of Data Analytics include
- Increase efficiency and effectiveness
- Detect fraud before it becomes material
- Lessen sampling errors
- Gain insight to assess and improve internal controls
- Monitor fashions
- Review policies and procedures
Furthermore, it also provides managers and board of governance with information about KPIs, business operations and more.
What can we do for you?
Our Accru specialists use data analytics software during our external audits to assist in testing large quantity of data to provide meaningful information. Accru Melbourne strives to deliver high quality data analysis services to define the dependability and integrity of internal control systems. Some of the various tests we perform include:
- Check and compare payment amounts and invoice numbers for any duplication
- Compare approved limits of each supplier to payments made for a specified period
- Highlight payments to bank accounts not in the creditor master list
- Check and compare bank account details of suppliers to that of employees and identify any supplier payments made to employee bank accounts
- Highlight any duplicate suppliers, invoice numbers or payments made outside of business hours
- Highlight suppliers without a valid ABN
- Provide statistics and report that shows analysis of major suppliers and identify the spread of spend
The outcomes of these tests are presented to management and board of governance to evaluate and take corrective action if needed.