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Overview of Data Analytics and Key features of eCAAT CA. Abdul Rafeq, FCA, CISA, CGEIT, CIA Managing Director, Wincer Infotech Limited www.wincaat.com 1
Overview of
Data Analytics and
Key features of eCAAT
CA. Abdul Rafeq, FCA, CISA, CGEIT, CIA
Managing Director, Wincer Infotech Limited
www.wincaat.com
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1. What is Data Analytics?
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In what
format is
data
available for
audit?
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What is the
KEY to
access
digtal data?
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How to
audit digital
data?
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Manual approach to auditing digital data
With manual approach,
audit tasks are tedious!
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Why?
• Age old Methodologies cannot be applied to New Age Technologies
Who?
• New Digital platforms & Business Models require newer perspectives
How?• Provide Practical Actionable Insights to add Value
When?
• Upgrade skill-sets to move up to new orbit in your careers
Data Analytics: Key questions?
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Data Analytics Software
Excel: Spread software of Microsoft has various features useful for auditors.
General Audit Software: Add-in for Excel with specific CAAT functions.
General Audit Software: Data Analysis Software with specific CAAT functions
Application Software: Standard and Ad-hoc Reporting and Query features available or specific functionalities designed for auditors.
Specialised Audit Software: Audit software designed to work in specific software.
Where can we use Data Analytics?
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What type of questions can
Data Analytics answer?
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3i: Inferring Insights from Information
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Seven Key Benefits of using
CAATs/Data Analytics
1. Enhance your
Skills and Tools
2. Increase
productivity of
your Time
3. Provide better
Assurance & Add
value
4. Grow your
Professional Team
& Esteem.
5. Accelerate your
Income earning
capability.
6. Develop
empowering Reach
& Impact.
7. Gain recognition
as a thought
Leader.
Become CAAT-literate!
Use CAATTs!
Do MORE in
less Time using
Data Analytics!
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Data
Analytics
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Systematic approch for using CAATTs
1. Identify and document the scope and objectives of audit/assignment.
2. Identify what information will be required, to address audit scope and objectives and collect the data from client in required digital format.
3. Review the data to understand what each column in file represents and how it might be relevant in performing the audit.
4. Review and curate the data and format the header row for the file to make it ready for data analytics.
5. Confirm that data is complete by comparing statistics from data analytics software and original source of data/software.
6. Understand the Business processes/controls relevant for audit.
7. Identify and document the audit tests to be performed and functions of data analytics software which can be used.
8. Perform the tests using the DA software and analyse the reports, identify the findings and perform further tests/analysis as required.
9. Document the findings and report.
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Seven key controls to review1. Completeness: Application processes all transactions and the resulting
information is complete.
2. Accuracy: All transactions are processed accurately and as intended and
the resulting information is accurate.
3. Validity: Only valid transactions are processed and the resulting
information is valid.
4. Authorization: Only appropriately authorized transactions have been
processed.
5. Segregation of duties: Application provides for and supports appropriate
segregation of duties and responsibilities as defined by management.
6. Presentation and Disclosure: All required information is presented and
disclosed as per regularly requirements.
7. Cut off: Only the transactions for the period which they belong are
accounted.
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CAATTs can be used for testing Controls
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CAATTs help you to access & analyse dataas per scope & objectives of audit
Different Users of CAATTs
Auditors:
Find answers to audit questions - (Is management reporting accurate sales, are payables complete, etc.) Trust but verify
Fraud Investigators:
Identify possibilities of fraud - (Where is the evidence of fraud, where is the audit trail, etc.)
Management:
How can I better manage my business? - (Have we reported all sales, payables, receivables, expenses and compliances correctly, etc.)
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2. Overview of eCAATData Analytics Software:
Add-in to MS Excel
What is CAATTs/Data Analytics?
Application of:
Knowledge
Skills
Tools and
Techniques
By performing relevant audit tests so as to meet audit/assignment objectives
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What is eCAAT?
✓ India’s first CAATs/ Data Analytics
software developed by auditors for
auditors to audit in any IT environment.
✓ Developed with the effort of more than
25 man-years.
✓ Add-in to MS Excel: fits right into MS
Excel and ready to be used in any audit
environment.
✓ Right blend of simplicity, ease of use
and functionality to use in any assurance
or compliance assignment.
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What can you do with eCAAT?
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Why use eCAAT?
1. Comprehensive tool to audit 100% of the data.
2. Empower your audit staff at affordable cost.
3. Do more in less time by enhancing your productivity.
4. Easy to learn and simple to use.
5. Perform analysis to draw inference and insight.
6. Power to process complex files quickly with a few
clicks.
7. Designed for new, inexperienced and expert CAATs
users.
8. Integrated as a tab in MS Excel but with innate power of
database.
9. Grow professionally empowered by Technology.29
Who can use eCAAT?
Those who are working as:
➢ Auditors: Financial, Compliance or IT, CXOs, Fraud/Forensics investigator….
Those who have to use Data Analytics to:
➢ Infer Insights from Information from any electronic format or software!
Those who would like to:
➢ Enhance skills, grow in their career and be more effective.
Those who have to:
➢ Use IT Tools and skills for accessing, analysing and auditing electronic information.
Those who have to:
➢ Supplement their Knowledge and Skills to provide value addition
Those who have to:
➢ Investigate and report on frauds in electronic information of automated environment.
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Where can we use Data Analytics?
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Data Analytics:
MS Excel Vs. eCAAT
Time-saver:
Enhanced use
of MS Excel
BI & MIS
On the fly
Data Analytics
In a few clicks
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Multi-dimensional:
Set of Tools
3. 51 Key features of eCAAT
Panels and Menus in eCAAT
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eCAAT has >300 functions
List of 12 eCAAT Functions-1
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Harmonise
Sheets
Column Statistics
Classify
Aging Highlight
Identify Uniques
Same SameDifferent
Identify FormatRandom
Sampling
Random Stratified Sampling
Relative Size Factor
Maximum Variance Factor
List of 12 eCAAT Functions-2
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Fuzzy Match –Arrange
Fuzzy Match -Near
Fuzzy Match –Normalise
Fuzzy Match –Similar
Fuzzy Match -Soundex/
Soundslike
Dynamic Filter
Analysis -Cluster
MIS Join Files
3-Way Matching
Authentication Check
Compare Files
List of 12 eCAAT Functions-3
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Stratify: Numeric/Date
Summarise:
Quick
Cumulative
Total
Profile: Percentiles
Top/LastX
Duplicates in Same Row
Outliers:
By Numbers
Gaps:
Character
Changes:
Identify Changes
Template:
Analytical Review
Relate:
Append Files
Relate:
Consolidate
List of 15 eCAAT Functions-4
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Stratify: KeyField
Search: Multiple Values
Identify Duplicates
Sampling:
Classified
Split Sheet: By Group
Analysis: Pareto
Analysis: ABC
Analysis: ABCD
Analysis: Quadrant
Analysis: Percentile
Query: List To Find
Statistics: Benford's
Law
Template: Validate Patterns
Template: Validate GSTIN
Template: Debit and
Credit Column
Watch Videos on Data Analytics & eCAAT
1. Introduction to Data Analytics
2. Overview of eCAAT – Data Analytics Software
3. Walk-through and demo of 12 key functions of eCAAT-1
4. Walk-through and demo of 12 key functions of eCAAT-2
5. Walk-through and demo of 12 key functions of eCAAT-3
6. Walk-through and demo of 15 key functions of eCAAT-4
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Thank you!
Questions?
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https://www.youtube.com/rafeq786
