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Audimation Services
Joanne Koonce-Hamar
Data Mining Defined
v.v.
Data mining is the analysis of data with the intent to discover gems of hidden information in the vast quantity of data that has been captured in the normal course of running the business.
Benefits of Using Software for Data Mining
Specifically designed for data analysis 100% coverage of available data Compare files from different sources and
formats Analyze raw data to increase
independence Quickly identify unusual or non-compliant
transactions Create an audit trail
Reasons to Overcome Roadblocks to Data Mining
IIA Professional Standards Red Book
1210.A2 – The IA should have sufficient knowledge to identify the indicators of fraud but is not expected to have the expertise of a person whose primary responsibility is detecting and investigating fraud.
1210.A3 – IA should have knowledge of key IT risks and controls and available technology-based audit techniques to perform their assigned work. However, not all IAs are expected to have the expertise of an IA whose primary responsibility is IT auditing.
1210.C1 – The CAE should decline the consulting engagement or obtain competent advice and assistance if the IA staff lacks the knowledge, skills, or other competencies needed to perform all or part of the engagement.
1220.A2 – In exercising due professional care the IA should consider the use of computer-assisted audit tools & other data analysis techniques.
Reasons to Overcome Roadblocks Cont.
ACFE Report to Nation
Main Areas for Data Analysis Software Use
Searchingfor Text
in MultipleFields
and Files
Testing for Completeness –
Gaps & Duplicates
Cross Matching Data
BetweenFiles/Systems
IdentifyingExceptional
Items
Checking Calculations
Analytical Review
IDEA®Data Analysis Software
Report MiningLow-Cost and High-Impact
USERS OF INFORMATION
OPERATIONAL DATA
Tools for Data Mining
Tools for Data Mining
Report Generators
Report Generators
High Manpower Low Manpower Low Manpower
Low Tech Cost Low Tech Cost High Tech Cost
Analyzing Data
Editable Fields
Uses for Editable Fields
Manual Information such as Comments
Create Adjustments to Booked Amounts or Dates
Tick Marks
Pre-Defined TestsUtilize pre-written audit tests to improve audit quality
and consistency – Smart Analyzer Complete includes A/R, A/P and General Ledger tests
For more information about IDEA Data Analysis Software
visit us on the web atwww.audimation.com
Presenter:Joanne Koonce-Hamar