Integrating data analysis technology into the audit solution
An important part of the work of an Auditor is to analyze data, find potential fraud and failing controls, and to gain a better impression of the risk exposure of the organization. Traditionally, the analysis of data is seen as a separate activity, conducted by highly trained audit professionals with advanced toolsets. BWise believes modern technology should facilitate a more efficient way of working by integrating data analysis technology into the audit solution, and even more broadly into the area of Governance, Risk Management and Compliance.
The most advanced Audit Platform
BWise Audit Analytics, which is part of the BWise® IA Advanced package, adds the ability to securely take data from sources such as SAP and Oracle, by exporting the data on a protected memory stick. No live connection is required to gather and analyze data during the audit execution. The data analysis performed and results documented in audit work papers, can then be synchronized with the audit. BWise Audit Analytics enables users to create rules that define how to analyze this data. The true integration of risk and control frameworks with rules, enables auditors to conduct advanced data analysis on external data. BWise delivers templates for SAP and Oracle analysis, including Segregation of Duties (SoD) analysis for both. BWise also enables auditors to adapt existing rules and define new rules. With the addition of the Audit Analytics component, the BWise® IA Advanced package is the most advanced audit platform globally.
Benefits of Audit Analytics
- Centralized creation of rules and decentralized usage of rules facilitates a broader use of advanced data analysis capabilities
- The integration into work paper management reduces audit effort, removes the pain of integration (and copy-paste), complicated reporting
- Integration of broader risk management and compliance facilitates audit rules that can be used in continuous monitoring
- It simply becomes a technology applied in another way for users. Ultimately, audit helps improve the business by assisting business owners to better manage their processes
- In addition, business owners may help to reduce audit efforts; continuous monitoring data may be reused in audit programs