Q: What are some notable accomplishments you’ve had using audit software?

A: We recently had a project that we estimated would take more than 400 hours to complete (plus review time with external auditors). Because IDEA can connect directly to various databases to obtain read-only copies of data, we were able to quickly and easily pull, join, blend, analyze and combine with multiple datasets. Not only were we able to maintain the integrity of the records, we had the ability to analyze 100% of the data in a third of the time. That’s a lot of time, and time is money!

Q: Where has data analysis software helped you?

A: I enjoy analyzing data in areas that are deemed to have been “working” for years and identifying anomalies that have apparently also been there for years. Even with just the basic features in the software you find things you wouldn’t normally expect. Now with IDEA 10’s Visualization and Discover features, you just click one button and you have an entire dashboard for that dataset. To be able to visualize data that quickly is extremely beneficial.

Q: What advice do you give your team during audits?

A: I always encourage our team to ask for more information than they think they need. To add value, we need to exceed expectations. Having additional information—and being able to analyze it all—lets us do just that. I also remind our team to seek out thoughts from colleagues and data owners to help them see possibilities in the data that they may not realize are there.

Q: How has data analytics positively impacted your department?

A: Organizationally we are seen as more than a typical internal audit department. Now that we’ve performed data analysis for multiple departments, word has spread about what we can do with our data analysis software and the types of insights we can deliver. Management now seeks us out to answer questions about their data. Our ability to analyze full datasets across multiple platforms and provide statistical insights into real questions has further strengthened our relationship with management.

Q: Why did you choose IDEA?

A: IDEA was introduced to me as “Excel on steroids”, and that is a perfect description. I can analyze records with the click of a button rather than spending days or weeks manually sifting through data. Add in the ability to hone in on anomalies and establish reoccurring analyses and it was clear that this tool was a game-changer. To be able to set a process to run in the morning before you come in to work and have exceptions waiting for you to research when you arrive is extremely valuable.

Visit us at www.casewareanalytics.com to learn more.

CaseWare Analytics recently sat down with Aaron Boor, IT Audit and Project Automation Manager, Internal Audit at Donegal Insurance Group to find out why he depends on computer-aided audit technology (CAAT) for his data analysis. Here’s what he had to say.

AUDITORSPOTLIGHT

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