We provide an independent opinion on our client’s financial and non-financial statements, as well as giving important insights and added value as auditors.
They say data is the new oil in the economy. Unlike oil however, most of this precious resource remains untapped. The data in your organisation can provide valuable insights into the efficient and effective functioning of different processes. Data analysis can also identify trends and anomalies which can assist with more robust regulatory compliance and more useful information for decision making.
Analysis of such data can lead to numerous benefits to your organisation including:
- Better allocation of resources (employees, assets)
- Reduced time spent on recurrent and unnecessary tasks
- Improved alignment of operations and administrative functions
- Reduced time and resources spent on compliance requirements
- Detection of potential fraud or input errors in data
Our process in analysing data starts with extracting the data from your system. System data is usually raw, unfiltered and often contains duplicate and unusable contents. We refine the data to a usable format and make it ready to perform advanced data analytics techniques.
Data Analytics in Fraud Detection
Would you know if there were fraudulent disbursements occurring in your organisation? It’s estimated that businesses lose billions of dollars every year to fraud through asset misappropriation. Expense reimbursements, billing schemes and payroll deception are among the most costly and the most frequent of fraudulent disbursement schemes.
Data analytics tools can be used in a variety of ways to identify fraudulent disbursements, including:
- matching suppliers’ details
- checking the validity of ABNs
- searching for duplicate payments or invoices
- identifying ‘ghost’ employees
- checking employees’ bank account details against suppliers’ bank account details
We have a wealth of experience reviewing how systems work, identifying where misappropriation can occur and designing tests for use with data analytics tools.
If you do require an audit, we would love the opportunity to understand your business! Contact our Audit Specialists today on (03) 9835 8200.
