Meet The Data

19 juni 2014 AccountancyExpo

Drs Pieter de Kok RA

HOW FAR AWAY IS THAT DOT AT THE HORIZON?

“Future of Flying”

To the moon and London to Sydney in just two hours

FUTURE OF HIGHWAYS By Daan Roosegaarde

OUR AUDIT WORLD TODAY

Limited ‘BI’ & data awareness in audit & reporting domain

Limited standardisation, low efficiency in adopting new analytics

technology

IT tools are all over the place, no integrated approach

A lot of talking…

Low added value perceived by clients, low fun factor experienced

by teams

Current General landscape

Assurance services

DISCLAIMER

Key Objectives of CONEY today

Provide for Smart & Easy analytics

Innovate our assurance proposition

Operating an Analytics platform

Connectivity to the max

“Automate routine activities”

Get closer to our clients

Identify new service opportunities Data-Analytics

Process Mining

TODAY Data-Analytics Basis

Deliverables Business Trends & Developments reporting

Workflows audits through process mining

Online dashboards for presentations

Audit Alerts & Exceptions

Periodic ‘Automated’ audit procedures

Analytics based input for Audit files

Starreveld based auditing – ad hoc

Purchasing  Hours  x  

Freelance  Rate  

Sales  Hours  x  Sales  Rate  

Cash  Receipt  

Cash  Disbursment  

 TEMP  services  

 

Cash  

Payables   Receivables  Close  To  Real  Time  

Audit Approach Today

PROCESS MINING TODAY

TODAY PROCESS MINING

TODAY Basis

Deliverables

Connect with digital files

Exception management

Connectivity

Connect to different source systems

XBRL/SBR/Audit files

Open source systems

Bron: Nellissen en Belt, MAB, juni, 2014

NEXT 3 TO 5 YEARS

THE EYE OF AUDIT DISRUPTION

NEXT 3 to 5 YEARS

Use open data, build smart, big data solutions for clients

Share new business insights to your clients

Extend insights to wider group of stakeholders by opening platform

Provide your clients access to an Analytical Platform

Monitor Business Performance

Increase of Advanced

Business Analytics in Audit

Further integrate statistical analytics

Invest in global research to develop true automated audits

INVEST

NEXT 3 to 5 YEARS

We need to build Audit Data Standards…. Around

NEXT 3 to 5 YEARS

Build New Audit Data Standards (powered by the WHO?)

Create a COMMON DATA STORE and it is about the question ‘WHAT DATA DO WE NEED PER KEY PROCESS’

NEXT 3 to 5 YEARS

We will see more Advanced Analytics

TRADECOMPANY3.0

NEXT 3 TO 5

YEARS

Enterprise Data (xyz)

Enterprise Data (xyz) IN

PU

T

Business  Risks  

Controls

Analytics

OU

TPU

T

Data Extraction Visualisation Data-Scripts & Events Logs

Tableau

ACL Based Online Data-

Analytics

ALLINCLoudAUDITS Datafactory NEXT 3-5 YEARS

NEXT 3 to 5 YEARS

MORE STEPS TOWARDS INTEGRATION PROCESS

MINING AND DATA-ANALYTICS

Controls Performance

Business Improvements

Process Redesign

Risk management

NEXT 3 to 5 YEARS

True Revival of Dutch Audit Methodology

Starreveld

NEXT 3 -5 YEARS

NEXT 3 -5 YEARS

And integration of predictive analytics in audits..

TRADECOMPANY3.0 NEXT 3

TO 5 YEARS

Examples predictive analytics in audit

TRADECOMPANY3.0

Company 1

Company 2 Company 3

PREDICTING CASHFLOW

MOVEMENTS

PERFORMING STRESS TESTING

Online Audit Files with a lot of APPS

NEXT 3 to 5 YEARS

LOOKING AHEAD BEYOND 5 YEARS

BEYOND 5 YEARS PROCESS MODEL

FACTORY

RETAIL

PRODUCTION

PROFESSIONAL SERVICE COMPANIES

ETC

Procurement Sales

Cash Payments

Cash Receipt

Top Cycle Approach Examples:

PROCESSFACTORY PROCESS MINING FUTURE

1. Global Upload SOLL Best Practice Process Models (based on Starreveld) by students, auditors and business

2. Global Download SOLL Best Practise Process Models 3. Automated SOLL and IST Process Mining comparisons 4. Best Practice Sharing through the Process Factory

resulting in rating Best Soll Models.

BEYOND 5 YEARS SIMULATION

CONTROL FRAMEWORK

PROCESS MINING

IMPROVE CONTROLS

IMPROVE EFFICIENCY

MANAGE RISK

REDUCE COMPLIANCE COST

Procurement Sales

Cash Payments

Cash Receipt

WHY SIMULATION

BEYOND 5 YEARS ASSURANCE ON DEMAND

(XBRL Driven) Same Data, different presentation

formats

Same Data, different Assurance levels

Focussing on specific interests, by specific stakeholders

Beneficial for small & mediumsized companies

Assurance On Demand:

BEYOND 5 YEARS CONTINUOUS STORY TELLING

Socially Focused

Using New Media

Extended Audience

Advanced Visualisation

Continuous Storytelling

Real-time assurance reports

BEYOND 5 YEARS We will see

Channel Assurance

FRANCHISE

INSURER

BROKER

VALUATOR

policy

premium

damage report

request report

policy w/o premium premium w/o policy

EXCEPTIONS

Algorithms Monitoring the Channel of Companies ACROSS THE CHANNEL ASSURANCE

BEYOND 5 YEARS

How will Internet of

Things impact Process mining?

BEYOND 5 YEARS Gamification & Audit Education

At the end…we will see: Integration Data-Analytics & Process Mining

new tools

3.0

BEYOND 5 YEARS

WE NEED A AUDIT LAB

RIGHT NOW!

Questions!?