Today, leading internal audit organizations are incorporating data analysis into their audit process to allow them to be more efficient and effective. With the ever increasing volume of data and transactions and diminishing resources, we believe data analysis is critical to internal audit’s ability to deliver organizational value. As such, Brown Smith Wallace has developed a fully dedicated Data Analysis Services area that is focused on helping organizations utilize technology to perform complex analyses using large volumes of data.
With the large amount of data companies have to interpret, data analysis is a powerful tool. The question to ask is, are you getting the information you need from your data to make better business decisions? Our specialty areas include data analysis consulting as well as:
- ACL Implementation
- Continuous Control Monitoring (CCM)
The Brown Smith Wallace data analysis team uses ACL software in addition to other various tools to perform data analysis. Our professional team includes data analysis experts, as well as accountants and IT auditors that are trained in ACL, MS Access, MS Excel, OCR and SQL. These tools, combined with years of data analysis, consulting and audit experience, provide you with valuable insight for strategic and critical business thinking. We can help you identify what you need whether you’re looking for lost revenue or expanding the skills of your own internal audit department.
The data analysis team searches for trends and interprets data regarding operations, controls and financial results. For example, our team could use the same medical claim data to identify potential fraud by physicians and benefit eligibility. We help you use your data to answer questions resulting in better and more cost effective outcomes. We can analyze any amount of data and have the flexibility to access data from mainframes to PDFs, and develop the analysis into a continuous monitoring tool if desired.
You can apply data analysis to countless aspects of your business, however we recommend applying it to your specific areas of risk and concern. For more information on how data analysis will benefit your organization or to learn more about our risk advisory services practice, please contact us today.