• Analytics

Internal Audit Data Analytics Software

  • Perform Advanced Audit Data Analysis with TeamMate Analytics

    Auditors today are constantly challenged with increasing coverage, tightening budgets and increasing pressure from the CAE and clients to add more value, as well as communicating and demonstrating that value.

    Data analytics enable auditors to reduce risk by auditing 100% of a population rather than a small sample, while saving time through more efficient procedures. Analytics can dramatically increase the value delivered through 100% coverage highlighting every potential issue or anomaly and the ability to get to the root of issues quickly. Analytics also enables auditors to calculate and communicate the value that a proposed improvement can deliver, demonstrating audit’s value add to business processes and giving an incentive to act.

    Despite this, data analytics is not being used as much as it should. Many auditors are missing out on these benefits.

    This is largely because data analytics has traditionally been challenging. Complex, expensive data analytics software requiring weeks of training, and difficulty embedding analytics tests into audits have resulted in companies not achieving the value they expect from data analytics.

    Some audit teams have ‘the data guy’, the one person in the team who is part programmer and part DBA who can use these difficult software programs. There’s no way he can perform a significant level of analytics on every audit – either your auditors don’t call him at all (because they don’t know when analytics could add value), or if they do, there’s not enough of him to go around. And what if he leaves?

    Analytics should be baked into every audit, and to do that, every auditor needs to be able to do their own analytics, as and when needed. They also need to be able to spot the opportunities to use analytics. But most don’t, because they don’t know HOW to use the tool and they don’t know WHEN to use it.

    TeamMate Analytics is quite different to other audit data analytics tools.

    Making It Easy to Do Analytics

    TeamMate Analytics was conceived and has been designed from the ground up to be a tool for every auditor, not just ‘the data guy’ but every auditor in your team regardless of their IT skill level. Auditors are not wasting time writing scripts and connecting to databases, so they spend more time doing what they were hired to do, audit. Everything is designed to help the auditor run the analytics they want to. It is designed specifically for auditors – this is not your generic analytics tool; we use familiar auditor-friendly terminology. There is no scripting needed – everything is point and click. Every tool guides you through the information you need to put in - every input is validated with simple red/orange/green color coding to guide the user through.

    Most importantly, TeamMate Analytics is based in Microsoft Excel. Everybody has Excel, and whether you’re a basic or advanced Excel user, you know how to open an Excel file, and the interface is familiar. TeamMate Analytics is a fully fledged, incredibly powerful Data Analytics package with all the audit analytics capabilities found in expensive difficult to use software packages.

    You want to look for duplicated transactions? Just open your Excel spreadsheet, select ‘Duplicates’ from the ribbon, select which column(s) you want to look for duplicates in, and click OK – that’s it.

    You want to do much more advanced analysis? TeamMate Analytics does that too, but still in the easiest-to-use way possible and still with NO scripting.

    Helping You Discover When to Do Analytics

    So, if you know what analysis you want to perform, TeamMate Analytics makes it easy to do it. But what about if you don’t know what analytics you want to perform? TeamMate Analytics have got you covered there too.

    We include 10 pre-built modules, designed to audit areas including expenses, general ledger journals, payables, receivables, HR and payroll. These modules use recognisable audit language and terminology and produce meaningful results for further investigation. And, if you want to change these modules you can with our fully graphical tool (no scripting required!). You can even create your own modules from scratch.

    If you want a more flexible approach to finding data analytics tests that you can do on your audits, the Test Library is what you need. Accessed from right inside Excel, the fully searchable Test Library comes with 200 fully documented tests which explain exactly when, why and how to perform them.

    TeamMate Analytics also includes interactive discovery tools to help you to spot anomalies and unusual features in your data that you might want to investigate further.

    Who is it for?

    TeamMate Analytics is used by internal auditors, external auditors, fraud examiners, finance managers, and accountants. Users range from audit teams of one auditor to thousands, from sole practitioner CPAs and one-person internal audit shops to Big 4 accounting firms in more than 70 countries worldwide.
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