meet thedatajune2014
DESCRIPTION
Presentation Pieter de Kok, MeetTheData, about the future of audit.TRANSCRIPT
Meet The Data
19 juni 2014 AccountancyExpo
Drs Pieter de Kok RA
HOW FAR AWAY IS THAT DOT AT THE HORIZON?
“Future of Flying”
To the moon and London to Sydney in just two hours
FUTURE OF HIGHWAYS By Daan Roosegaarde
OUR AUDIT WORLD TODAY
Limited ‘BI’ & data awareness in audit & reporting domain
Limited standardisation, low efficiency in adopting new analytics
technology
IT tools are all over the place, no integrated approach
A lot of talking…
Low added value perceived by clients, low fun factor experienced
by teams
Current General landscape
Assurance services
DISCLAIMER
Key Objectives of CONEY today
Provide for Smart & Easy analytics
Innovate our assurance proposition
Operating an Analytics platform
Connectivity to the max
“Automate routine activities”
Get closer to our clients
Identify new service opportunities Data-Analytics
Process Mining
TODAY Data-Analytics Basis
Deliverables Business Trends & Developments reporting
Workflows audits through process mining
Online dashboards for presentations
Audit Alerts & Exceptions
Periodic ‘Automated’ audit procedures
Analytics based input for Audit files
Starreveld based auditing – ad hoc
Purchasing Hours x
Freelance Rate
Sales Hours x Sales Rate
Cash Receipt
Cash Disbursment
TEMP services
Cash
Payables Receivables Close To Real Time
Audit Approach Today
PROCESS MINING TODAY
TODAY PROCESS MINING
TODAY Basis
Deliverables
Connect with digital files
Exception management
Connectivity
Connect to different source systems
XBRL/SBR/Audit files
Open source systems
Bron: Nellissen en Belt, MAB, juni, 2014
NEXT 3 TO 5 YEARS
THE EYE OF AUDIT DISRUPTION
NEXT 3 to 5 YEARS
Use open data, build smart, big data solutions for clients
Share new business insights to your clients
Extend insights to wider group of stakeholders by opening platform
Provide your clients access to an Analytical Platform
Monitor Business Performance
Increase of Advanced
Business Analytics in Audit
Further integrate statistical analytics
Invest in global research to develop true automated audits
INVEST
NEXT 3 to 5 YEARS
We need to build Audit Data Standards…. Around
NEXT 3 to 5 YEARS
Build New Audit Data Standards (powered by the WHO?)
Create a COMMON DATA STORE and it is about the question ‘WHAT DATA DO WE NEED PER KEY PROCESS’
NEXT 3 to 5 YEARS
We will see more Advanced Analytics
TRADECOMPANY3.0
NEXT 3 TO 5
YEARS
Enterprise Data (xyz)
Enterprise Data (xyz) IN
PU
T
Business Risks
Controls
Analytics
OU
TPU
T
Data Extraction Visualisation Data-Scripts & Events Logs
Tableau
ACL Based Online Data-
Analytics
ALLINCLoudAUDITS Datafactory NEXT 3-5 YEARS
NEXT 3 to 5 YEARS
MORE STEPS TOWARDS INTEGRATION PROCESS
MINING AND DATA-ANALYTICS
Controls Performance
Business Improvements
Process Redesign
Risk management
NEXT 3 to 5 YEARS
True Revival of Dutch Audit Methodology
Starreveld
NEXT 3 -5 YEARS
NEXT 3 -5 YEARS
And integration of predictive analytics in audits..
TRADECOMPANY3.0 NEXT 3
TO 5 YEARS
Examples predictive analytics in audit
TRADECOMPANY3.0
Company 1
Company 2 Company 3
PREDICTING CASHFLOW
MOVEMENTS
PERFORMING STRESS TESTING
Online Audit Files with a lot of APPS
NEXT 3 to 5 YEARS
LOOKING AHEAD BEYOND 5 YEARS
BEYOND 5 YEARS PROCESS MODEL
FACTORY
RETAIL
PRODUCTION
PROFESSIONAL SERVICE COMPANIES
ETC
Procurement Sales
Cash Payments
Cash Receipt
Top Cycle Approach Examples:
PROCESSFACTORY PROCESS MINING FUTURE
1. Global Upload SOLL Best Practice Process Models (based on Starreveld) by students, auditors and business
2. Global Download SOLL Best Practise Process Models 3. Automated SOLL and IST Process Mining comparisons 4. Best Practice Sharing through the Process Factory
resulting in rating Best Soll Models.
BEYOND 5 YEARS SIMULATION
CONTROL FRAMEWORK
PROCESS MINING
IMPROVE CONTROLS
IMPROVE EFFICIENCY
MANAGE RISK
REDUCE COMPLIANCE COST
Procurement Sales
Cash Payments
Cash Receipt
WHY SIMULATION
BEYOND 5 YEARS ASSURANCE ON DEMAND
(XBRL Driven) Same Data, different presentation
formats
Same Data, different Assurance levels
Focussing on specific interests, by specific stakeholders
Beneficial for small & mediumsized companies
Assurance On Demand:
BEYOND 5 YEARS CONTINUOUS STORY TELLING
Socially Focused
Using New Media
Extended Audience
Advanced Visualisation
Continuous Storytelling
Real-time assurance reports
BEYOND 5 YEARS We will see
Channel Assurance
FRANCHISE
INSURER
BROKER
VALUATOR
policy
premium
damage report
request report
policy w/o premium premium w/o policy
EXCEPTIONS
Algorithms Monitoring the Channel of Companies ACROSS THE CHANNEL ASSURANCE
BEYOND 5 YEARS
How will Internet of
Things impact Process mining?
BEYOND 5 YEARS Gamification & Audit Education
At the end…we will see: Integration Data-Analytics & Process Mining
new tools
3.0
BEYOND 5 YEARS
WE NEED A AUDIT LAB
RIGHT NOW!
Questions!?