Audit Technology

First ever online marketplace for audit tests

Smart Analyzer Marketplace

The Marketplace, created by our partner Audicon, provides audit apps and other solutions for Smart Analyzer ready for use within IDEA.

These apps can be loaded directly from the Marketplace into IDEA and have been designed to help satisfy your audit objectives. Apps are the perfect supplement to help convert your IDEA software into a more comprehensive business tool.

You can browse through the Marketplace any time you may want to optimise your daily work with IDEA. With our clients providing valuable feedback as to their changing business issues, Audicon’s development team are continuously developing a range or public and private apps to help satisfy a broad range of data analysis needs.

There are numerous Apps which are currently available on the Marketplace. These Apps offer complete solutions orientated around business process, business and management topics and standard Import Routines for numerous ERP systems. These import routines are helping our clients to import and prepare data in a single step and to create meaningful reports.

When visiting the Marketplace from within Smart Analyzer, you will see an overview of all new apps, top sellers and a news feed containing latest developments. When searching you can use filters or the search feature to look for an app that suits your analysis needs.

Each App has information on its overall content which can be found in the Details pages. You can find a description of the app as well as specific items contained, such as each audit test it can perform.

For more information on Smart Analyzer feel free to view its brochure. For any further information on The Marketplace function or if you would like to purchase any Apps off the Marketplace then please contact us.

You can also view a promotional video for the marketplace here: http://www.auditware.co.uk/news/24/The-Marketplace-for-audit-tests

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Audit Technology

What is Continuous Monitoring?

Is the information you receive from your systems accurate and reliable?

Due to the sheer volume and complexity of business transactions today, traditional testing of controls, performed on a retrospective and cyclical basis, often months after business activities have occurred, is no longer adequate. Stricter compliance standards demand a process that automatically performs control and risk assessments on a more frequent basis. This is especially true during times of economic uncertainly when the risks of fraud and error increase.

Continuous Monitoring can allow the business owner to regularly monitor the effectiveness of controls and stay on top of any failures.

What is Continuous Monitoring?

Continuous Monitoring is nothing new, as a concept it has been around for a number of years and means different things to different people. It can be summed up as; a process that facilitates an in-depth, on-going review and analysis of financial information on a real time basis. The underlying premise is that auditors are able to analyse systems continuously performing control and risk assessments, this does not have to be in real-time but at a frequency appropriate for the activity being monitored. For example, a duplicated payment control can be monitored weekly just before the weekly payment run, a segregation of duties control can be monitored hourly.

“Using traditional audit techniques it takes an average of 342 days to detect a fraud, at which point 89% of all proceeds are unrecoverable.”

KPMG Forensics Fraud Survey 2008

The Need for Continuous Monitoring

With increased regulatory requirements including Sarbanes Oxley section 404 reporting requirements, the Turnbull guidance and the new tax penalty regime from HM Revenue and Customs, all employees have some responsibility for internal controls. They, collectively, should have the necessary knowledge, skills, information, and authority to establish, operate and monitor the system of internal control. Traditional fixed point Monitoring does not provide sufficient information in a timely manner to enable employees to take this responsibility. Effective monitoring on a continuous basis is therefore an essential component of a sound system of internal control.

Continuous Monitoring Solution

CaseWare Monitor is our continuous monitoring software solution that provides security, reliability, flexibility and early detection to prevent fraud, enhance efficiency and improve compliance.

Most continuous monitoring solutions are application based and only support specific business processes, CaseWare Monitor can be applied to any business process, regardless of the underlying system or platform.

For more information on continuous monitoring please visit our website.

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