Data analysis audits
In the audit process, data analysis is used to gain insight into movement of goods. Among other things, we use it to verify whether procured goods have actually resulted in sales, ensuring that all sales are fully reflected in the annual accounts. This includes checking whether sales can be linked to an invoice, whether that invoice was paid by the customer, and whether it was issued at the correct rates. The focus is on identifying exceptions, discrepancies, and anomalies, making sampling a thing of the past.
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Data analysis for audits
We’ve harnessed data analysis in our audits for our clients for years. It has proven to be a valuable way to elevate the quality of our work and focus on anomalies, discrepancies, and exceptions in the movement of goods and other key analyses.
Data analysis provides insight into:
- Where purchases are made and from whom. Who is making payments to you? Does this align with accounts payable and receivable? (data analysis of cash and goods flows)
- Who was on the receiving end of payments, and is there a potential risk that the wrong party was paid?
- Does the VAT return match what has actually been paid to the tax authority?
- Are the wage tax rates used in payroll aligned with the rates applicable for the financial year? And have the correct amounts been paid for wage taxes?
The benefits for customers
Valuable insights
Data analysis quickly brings to light outliers and anomalies.
Checks that matter
Not every invoice needs to be justified, only exceptions and anomalies are checked.
Quality first
Reliable detection of unusual events.
Jasper: The rise of data collection isn't a threat, it's an opportunity.
You hear the term “data analysis” everywhere these days. But why is it so important to start using it? I explain more in my blog.
Let's go for it together
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Do you have any questions, or are you curious about how data analysis could benefit your organisation? Please feel free to get in touch with us.