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Data Analytics Technology

Big data analytics has the power to predict the weather forecast, manage your workforce and even battle Parkinson’s disease.

Data advances are everywhere. It can help your organisation increase revenue and find out more about what your customers really want.  When data is analysed by the right people using the right technology it can be a powerful tool and it can even motivate your employees. Almost a third of workers admit that they would be happy for employers to access personal data, such as their social media profiles, to be better motivated at work. This will in turn increase employee performance and retention. Employers can further use this data to spot retention and performance issues and over half of HR professionals said that they were preparing for this shift.

An increase in data is not only changing the workplace, it is also changing the accuracy of information available, like weather forecasts. Years ago, the weather was calculated by monitoring cloud patterns and astrology. Now, thanks to massive amounts of data and advanced computers it is significantly more accurate. But it is about to become more accurate still – hyper-local real time weather forecasting is just around the corner. Part of the reason weather forecasts are becoming more accurate is the data and variables that can be entered into the predictions.

Big data analytics can even be used to treat Parkinson’s disease. Data collected from hundreds of patients will be used to analyse symptoms of the illness such as sleep quality, slowness of movement and tremor. The findings will be used for drug development, diagnosis and treatment.

While big data analytics is a powerful tool, the right people and technology are still needed to unlock it’s full potential. High volumes of data make accessing results and information in real time a challenge, which is where data analytics software can benefit any organisation. By eliminating the lengthy time process of drawing up the different data and conducting further analysis, computer assisted audit tools (CAATs) allow you to focus on the import part of data analysis – reviewing and reporting the results.

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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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