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Benefits of data analytics in audit
ACCORDING to Lee Sze Yeng, head of quality at KPMG in Singapore, enhancing audit quality continues to be paramount.
"Through data and analytics (D&A), we are not only enhancing quality, but are unlocking the value of audit for our clients, going beyond compliance and making audit an opportunity," she says. She shares some of the benefits of data and analytics for the profession below.
- Providing greater coverage and assurance.
"We are able to analyse a larger amount of data and cover a full population in a much more efficient manner. Some may even argue that without D&A, it might be humanly impossible to digest the amount of data that we encounter in this "new world", let alone the traditional limited sampling approach taken in an audit. With D&A, we can also leverage public domain data to corroborate the trends and patterns in our clients' data."
- Enabling risk-focused audits
"We can increase efficiency and productivity by leaving the mundane task of extracting, sorting and reconciling data to the machines. Auditors will have more time to use their professional expertise and judgement in higher risk areas, or in dealing with anomalies and exceptions."
- Providing deep insights to our clients
"Analysing the trends and anomalies in clients' data allows us to offer deep insights into the company performance and compliance as well as how they are doing against competitors and industry trends. An audit powered by D&A will be able to deliver hindsight, insight and foresight."