Seeking Audit Innovation
Cutting audit processing times in half with leading-edge
data analysis
A large global tax-exempt organization, focused on implementing health programs in developing countries, engaged BDO to conduct its audit.
The organization relied on multiple disparate data systems, including two different ERP systems, so it took the audit team hundreds of hours to standardize and interpret the financial data.
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The analyses gave the client a deeper and more nuanced understanding of their business’s performance.
Data standardization gave the client more confidence in the insights provided by payroll and journal entry analyses.
The audit engagement team could spend more time investigating risk and identified two areas where risk had increased considerably over the previous fiscal year.
The time needed to analyze the data was reduced by an estimated 50%, saving over 150 hours for the core engagement team.