In the wake of Carillion will the accountancy profession now embrace enhanced analytics for auditing?
Data analytics enables auditors to manipulate an entire data set not just a sample, 100% of the transactions in a ledger and interrogate the relationships across many multiples of ledgers from all across the world at lightning speeds. Non-specialists can then visualise results graphically, easily, and at speed. Modern Data Analytics enables efficiency, it’s about getting to the things that matter quicker and spending more time on them instead of ploughing slowly through random samples that often tell you very little. These techniques shrink the population at risk. It means fishing in a smaller pond and getting straight to the high-risk areas delivering faster forensic accounting