Wolters Kluwer Launches Audit Data Analytics Resources Library

Wolters Kluwer Tax & Accounting has launched a library of complimentary Audit Data Analytics Resources designed to help audit practitioners in tax & accounting firms move away from a traditional data sampling approach when conducting audit engagements and toward analyzing all client transactions in real time.

The library will be updated regularly with content developed by auditors for auditors, including topical blog posts from subject matter experts, video testimonials from audit professionals already taking advantage of data analytics, tips on how to best leverage the TeamMate Analytics solution for audit test automation, and more.

“Many firms and audit professionals still struggle to incorporate data analytics into their audit engagements and workflows,” said Colleen Knuff, Vice President of Audit Product Management at Wolters Kluwer Tax & Accounting North America. “By launching this growing library of resources, we are helping them to better understand how their peers are using audit data analytics to increase audit quality and to gain access to practical guidance on how to deliver the deep, data-driven insights their clients expect.”

The newly launched library of Audit Data Analytics Resources will provide both existing customers as well as CPA firms interested in purchasing the TeamMate Analytics solution with practical guidance and user insights so they can deliver higher quality audits for their clients.

TeamMate Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests. It’s an essential tool for today’s data-driven auditors and part of the Integrated Audit Approach from Wolters Kluwer, which focuses the external audit process on augmenting auditor judgment and covers the entire end-to-end workflow to maximize efficiencies and guide firms to a higher quality audit without over or under auditing. This approach represents all the components necessary for an automated, data-driven audit workflow.

“Firms using TeamMate Analytics are seeing not only a significant increase in audit quality but also considerable time savings. One firm shared with us that the impact of this audit test automation solution on their audit workflow was significant, bringing a one to two hour test down to about 10 minutes so about 80-90% less time,” added Knuff.

TeamMate Analytics offers more than 150 tools specifically designed to meet the data analysis needs of CPA firm auditors and accountants, as well as internal audit and controls professionals. It supports analytic testing with configurable modules that automate audit tests. The Expert Analyzer tool allows the automation of multi-step analysis with an intuitive graphical workflow designer that supports multiple datasets and imports directly from a PDF. Accessed from within Microsoft Excel®, the TeamMate Analytics solution includes powerful analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and stratification.