Audit Analytics for Financial Controls designing bespoke analytics solutions to automate testing for revenue, cost of sales, and inventory controls
Author(s): Shiksha Rout
Publication #: 2411010
Date of Publication: 08.12.2021
Country: India
Pages: 1-10
Published In: Volume 7 Issue 6 December-2021
DOI: https://doi.org/10.5281/zenodo.14040262
Abstract
This article focuses on Audit Analytics for Financial Controls, emphasizing the design and implementation of bespoke analytics solutions to automate testing for revenue, cost of sales, and inventory controls. By developing customized analytics procedures for audit engagements, the project aims to streamline audit processes, achieving up to a 40% reduction in time, thereby enabling faster reporting. The integration of advanced data analytics into audit workflows fosters collaboration among audit teams, leading to a notable 25% decrease in manual processes. This innovative approach not only enhances the accuracy and reliability of financial audits but also empowers auditors with real-time insights into key financial metrics. Key aspects include data integration, automated testing, and performance metrics analysis, which are critical for identifying errors and ensuring compliance. By leveraging technology and data-driven decision-making, this article contributes to the evolution of audit practices, aligning them with contemporary business needs and expectations. Ultimately, the focus on efficiency and effectiveness enhances the overall value of audit services, promoting transparency and trust in financial reporting. This initiative represents a significant step towards modernizing audit analytics, facilitating better risk management, and improving organizational performance.
Keywords: Audit Analytics, Automation, Revenue Testing, Cost of Sales, Inventory Controls, Streamlining, Time Reduction, Reporting Efficiency, Collaboration, Data Analytics, Audit Workflows, Accuracy, Real-time Insights, Compliance, Error Detection, Technology, Risk Management
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