Custom Analytics: Leveraging Technology to Simplify Complex Calculations

Top Areas of Impact

Test 100% of the population for a more thorough test

Increased auditor insight through modern auditing techniques

Summary

An investment management company with many sources of investment income engaged BDO to conduct its audit.

SERVICES PROVIDED
Audit Services

Two people working on a computer

Challenge

The audit client maintained quarterly workbooks with over 100 tabs to track investment income from multiple sources. The use of traditional auditing methods would require an extraordinary amount of time by the engagement team to assess each tab and recalculate a sample of investment income balances.

Results

The audit team:

Custom Audit Data Analytics enabled our team to spend more time evaluating results of tests and asking pointed questions to audit clients as a result of eliminating time spent using traditional audit sampling methods and manually manipulating excel data.

Assurance Director