Audit Analytics

Experience faster time to insight  

Take a laborious, multi-day process and complete it in seconds, giving you advanced time to insight.

Delivering Value

With less time available to detect anomalies in audit reports and errors costing some corporations millions, it’s crucial that teams are able to integrate new technology and deep analysis capabilities to catch anomalies before they impact the business.

Audit teams challenges increase

  • Data complexity continues to rise
  • Need to blend data across multiple systems in large volumes also growing
  • Detailed business logic must be placed into analysis

Alteryx provides

  • Rapidly connect and transform data from source systems
  • On-going audit capability that live past initial engagement
  • Live anomaly reporting through e-mails or dashboards

Download the Office of Finance Starter Kit to get started now. With these pre-populated workflows and solutions, you can tackle a variety audit projects such as:

  • Populating testing
  • Substantive Testing
  • Risk analysis calculations
  • Compliance Documentation
  • Internal control testing

Financial Analytics

Solve Complex Audit Issues

Is your audit department overworked, missing deadlines, coming up with inaccurate outcomes, or all the above? Are they still working in spreadsheets? Step away from legacy tools so that your team can spend more time solving analytic problems rather than manually wrangling and reconciling data. Here are a few problems that Alteryx can help resolve:

Fraud Detection

Fraud exists in many organizations but can be difficult to identify. It’s easy for companies to miss fraud if they’re not checking every transaction or frustrating when a transaction is incorrectly flagged as fraudulent. Some common issues are:

  • Handling large volumes of data and transactions to identify fraud
  • Keeping up with fraudsters as they change their antics
  • Manual processes and human error can lead to longer times for analysts to respond to fraud and ensure that all fraud is captured

Alteryx’s solution is to check 100% of transactions to catch 100% of fraudulent ones. With insight into real-time transactional data, take immediate action and reduce losses from fraud.

Vendor Risk Management

Internal audit teams should conduct regular vendor risk assessments to see what potential risks may arise from vendors that could negatively impact business operations. This is a proactive way to detect issues including fraud across vendors. Some common issues are:

  • Lots of vendor data can mean that specific, important data points drop off or are ignored
  • Materiality thresholds — the level that determines whether a discrepancy is big enough to matter — become high when lots of manual processes are involved
  • Some vendors don’t have purchase orders (POs) and non-PO vendors have more risk associated with them

Alteryx’s solution is to create a fast, repeatable process to identify high-risk vendors and where additional audit procedures should be performed.

Regulatory Risk Reduction

Regulatory risk is the risk that regulations and laws will change and negatively affect a business. When regulatory returns or processes are manually run, risk levels can increase along with missed deadlines and fines. Some common issues are:

  • Finding a framework to keep up with regulatory changes
  • Manual processes leading to an increase in risk and errors
  • Incurring fines from returns or reports with incorrect numbers and errors

Alteryx’s solution is to comply with regulatory reporting procedures and minimize fines with workflows that run-in seconds.

All these problems, and more, have simple and easy solutions when utilizing Alteryx and our suite of Office of Finance tools.

Check out our Audit Use Case E-Book to learn more!

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