audit analytics - integrated risk analytics solutions for smart auditors
Post on 22-Jan-2018
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Audit AnalyticsIntegrated Risk Analytics Solution for Smart Auditors
Simplify Audit | Deliver Results
Traditional Audit Challenges
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1 2
3
4
5
Auditors today are either not able to addfull value or incurring high costs toachieve desired results
Audit Challenges – Comprehensive Risk
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1
2
34
5
Risk Objectives - Comprehensive
Absence of ready reckoner of risks and exposuresmay hamper ability to deliver adequate assuranceto business owners
Potential Frauds Monitoring
Potent Frauds, trends and patterns based onindustry experiences may increase the possibilityof cutting leakages.
Potential Errors Monitoring
Eliminating generally committed Errors bybusiness process owners only when adequateawareness is created may increase internalcontrols.
Audit Challenges – Efficient Audit
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1
2
34
5
Time Taken to Conduct Analysis
Excessive time taken to conduct audit routinesand analytics which may be significantly reducedor eliminated through automated tools andtechniques
Manpower Requirement
Expensive manpower may be deployed into otherhigh value adding activities allowing functions tobe managed through bots
Cost of Conducting Audit
Significant reduction of cost of audit by deployingspecialty plug ins, intelligence and insightful toolsthrough algorithm based packages
Audit Challenges – Direct Access to Data
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1 2
34
5
Data in Databases
Technical problems in ability to gainunderstanding and assimilate complex data in thedatabases post access is a real issue
Data Volume
Large volume of data makes most of the currenttools and techniques redundant as processingcapabilities and size limitations pose analyticchallenges
Advanced Technologies
Countering rapid technological developmentswhere databases are in open source, big dataframework need more relevant management
Audit Challenges – Incomplete Study
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1 2
3
4
5
Sample Studies
Every outcome of audit routine needs attentionwithout which audit objective of managementassurance is challenged
All Routines Completion
Limitation of sampling techniques may becountered by analyzing 100% of data with speed,accuracy, confidence which may not be possiblein traditional methods
All Areas Coverage
Every material area need to be covered withoutcompromise due to focus constraints, otherwiseminor processes can create major problems
Audit Challenges – Availability of Quality Team
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1 2
34
5
Expertise Requirement
Complex audit challenges require higherexpertise that are either scarce or need in-depthcoaching thereby posing resource constraints
Attrition
Higher opportunities in competing sectors,professions or general poaching within trade maypose gaps in expectations and delivery
Continuous Training
Any level of team needs continuous learning andupgradation as process, technology and riskcomplexities are increasing rapidly
Comprehensive Solution
Efficiency
Data Access
Incomplete
Quality Team
Risk Focused
1 2
3
4
5
Integrated Align Associate Audit Analyticsor Smart Audit is a one stop solution forvarious challenges today’s audit firmsface…
How does it work - MethodologyAudit Planning
Understand Business
Risk Analysis
Data Collection
Data Analysis
Substantive Studies
Field Work
Statistical Analysis
Audit Planning
Understand Business
Risk Analysis
Data Collection
Data Analysis
Substantive Studies
Field Work
Statistical Analysis
Audit Planning
Understand Business
Integrated AA Audit
Analytics
Field Work
Audit Report Audit Report Audit Report
Audit Committee, CXOs, Senior Management, Business
Executives, Internal Auditors, Risk War Rooms
• Plant & Machinery• Power Utilities • Connected through DPUs
• ETL / Translation• Hexadecimal to Data• Cloud Upload
• Audit Warehouse• Big Data Framework• Indexed & Cleansed
• Analytics Engine• Business Intelligence• Visualizing Engine• Algorithm Builder
• Dashboard Host• Web-based• Multi-Platform• Control Room
• Dashboards• Analytic Packets• Advanced Audit Bots• Real-Time Monitor
Publish
Smart Audit Analytics – Process Explained
• Business Systems, • ERP & Applications
• Pre designed APIs• ERP Specific• Industry Specific
Remote Engagement - Explained
Align Audit
Analytics
ServerAudit Partner
Audit Manager
Audit Team
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.,Audit Experts
Analytic Experts
Analysis Team
Rem
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Align Associate Risk Knowledge Base
Integrated to Live Client Database Server
• Plug & Play for Most of ERPs• Readymade Business Risks• Real-time Monitoring• Operational & Financial Risks• Reduces Data Analytics Time• Remote Back Office Support• Advanced Audit Bots
Engagement – Deliver Results
A. Audit Objective Assessment
• Assess Business Metrics• Study Business Processes• Map Exposures & Gaps• Identify Improvements• Map Risk Packets
B. New Risk Mapping
• Incase of new Risk• Map Data Source• Create Audit Routine• Design Risk Package• Test Results • Embed the Package• Coach & Handhold
C. Risk Monitoring
• Activate Risk Register• Identify Risk Exposures• Real time monitoring• Continuous Audit Support• Trigger Substantive Study
• Industry Risk Knowledge• Best Practices Base• Industry Benchmarks• 15 Years of R&D• Powerful Algorithms base• Metrics & Effect Expertise• Team of Multi Area Experts• Business Knowledge• 500 Plus Clients Exposure
D. Audit Field Work
• Compile Exposures• Conduct Field Studies• Finalize Material Errors• Identify Process Gaps• Compile Draft Audit Report• Capture Auditee Response• Implementation Tracker
E. Handholding Improvements
• Monitor Implementation• Control Self Assessment• Further Analytics Study• Capture Results & Rewards• Capture Savings
F. Audit Results
• Assess Results• Periodic Review• Reset Goals• Further Improvement• Refocus & Deploy
Align Associate Risk Knowledge Base
Align Associate has helped numerous corporates inmeeting their business goals. A smart organizationwhose team have expertise of working for Globalmajor corporates and have evolved a uniquemethodology of solution coupled with strongimplementation approach.
The organization has a team of ACAs, MBAs,Engineers, Tech Experts having all round corporatestrategy and business process expertise who workas a team to bring results. It is quite appreciated bythe corporate world at large for its commitment todeliver value.
• Started in 2003• Team of ACAs, MBAs, Engineers & Techies• 40 Plus Team of Experts and Growing• 400 Plus Clients • 500 Plus Projects• 1,000,000 hours of Management Expertise• 10 Plus Industry Segments• 10 Plus Countries• 90% Plus Satisfaction Rate• Ex-Big Four Consultants• Industry Specialists
Align Associate has all round exposure with regard to
• Strategic Planning, Performance Improvement• Business Transformation, Cost Management• ERP & Technical Reengineering, ,• MIS Reporting, Business Analytics & Intelligence
In our experience the above skills have helped companies inAdvisory Services right from Ideation to Implementation.
About Align Associate
Our 14 Years Research Says…
Directionless
Disengaged
Incompetence
Leakage
Complacent
Inefficient
Stressed
7 D
read
ful O
rgan
izat
ion
al D
ise
ases
• No Clear Purpose• No Strategic Direction• Management Confusion• No Clear Goals
• Employees not aligned• No Commitments• Politics & High Attrition• General Dissatisfaction• Indecisive
• No Expertise• Obsolescence• Incapable Team• Lack of Leadership
• Fraud & Pilferage• High Wastages• High Costs, Inventory• High Errors, Leakages• Damages, Low Margins
• Casual Attitude• Careless Culture• Low Energy• No Monitoring• Inaccessibility
• Process bottlenecks• High Breakeven• Delays & Duplication• Under utilization• Excess Capacities• High Idle Time
• Cash Crunch• Delayed Payments• Unaffordability• Management Strain• No Investments• Negative Growth
• Right size Inventory• Procure what customer wants• Improve stock churn rate• Reduce working capital
• Improve employee productivity• Increase performance• Enhance profit per employee• Multiply efficiency
• Reduce costs • Increase profitability• Reduce interest burden• Enhance cost efficiency
• Improve Gross margins• Decrease Direct Costs• Increase recovery rates• Enhance yield, utilization,
productivity
Business Efficiency Improvement – What ?
• Increase Sales performance• Improve Customer satisfaction• Achieve targets and growth• Multiply markets and depth
• Specific problem solving • Powerful fact based solutions• Razor sharp focus to resolution• Handholding till improvement
Energy Analytics
Thank You
Alignassociate.com
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