Technology and Data Analytics

Technology and data analytics can help us understand financial information, identify areas requiring attention and perform audit procedures more effectively.

Overview

Technology that supports professional judgement

Technology and data analytics can help us understand financial information, identify areas requiring attention and perform audit procedures more effectively. Their use is guided by the risks, data and circumstances of each engagement.

Our approach keeps professional judgement at the centre of the audit. The engagement team remains responsible for the procedures performed, the evaluation of evidence and the conclusions reached.

Understanding patterns and movements
Analysis of financial data can help identify trends, relationships and movements that merit further investigation. These observations inform enquiries and the design of further procedures.
Focusing on unusual transactions
Where suitable data is available, analytical techniques can help identify unusual journal entries, transactions or characteristics for further examination. An exception is a starting point for investigation; it does not, by itself, establish that an error or irregularity has occurred.
Working with larger datasets
Data analysis may allow us to examine a wider set of transactions for specific attributes. Its usefulness depends on the completeness and accuracy of the data, the purpose of the procedure and the reliability of the analysis.
Supporting a coordinated workflow
Digital working methods can support the organisation of information requests, documentation, review and engagement milestones. We agree appropriate arrangements for exchanging information and coordinating work with your team.
Using data responsibly
We consider the information needed for the engagement and its relevance to the planned procedures. Data used as audit evidence is evaluated for reliability, and access and handling arrangements are considered in light of confidentiality obligations.
An approach suited to the engagement
The extent of technology and analytics used varies with the organisation's systems, available information and assessed risks. We select procedures for their contribution to the audit objectives and evaluate their results alongside other evidence.

Explore

More audit services

Financial Statement
Audit and Review
Reliable financial reporting matters to shareholders, lenders, boards and other users of financial statements.
Other Assurance
and Related Services
Organisations may need independent reporting beyond their annual financial statements.
Audit Quality
and Independence
Audit quality is fundamental to public trust and to our professional reputation.
System of Quality
Management
Our System of Quality Management, or SOQM, supports audits and reviews of financial statements and other assurance and related services engagements.
Our Audit Quality
Programme in Practice
Leadership sets expectations for quality and establishes accountability for meeting them.
Our Audit
Approach
Our audit approach starts with understanding your organisation and the financial reporting risks it faces.
Inflo
Inflo’s complete digital audit platform integrates advanced data analytics, client collaboration, and quality management products, all supported by a comprehensive audit methodology.