Data analysis tools and techniques are helping to fundamentally transform and improve audit approaches. Internal audit organizations today are evaluating and defining how they will leverage and adopt these skills and tools in order to increase the effectiveness and efficiency of this critical function.
The data analysis team searches for trends and interprets data about operations, controls and financial results. 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 focusing on specific areas of risk and concern.
With the largest and most technically proficient Data Analysis team in the region, we are confident we can meet the needs of the Internal Audit department as well as the organization overall. Our data analysis team is the go-to firm, supporting the effective use and integration of data analysis tools into audit and risk management processes. Our team continues to stay on the cutting edge of data analysis tools and techniques, helping clients to implement and leverage the most appropriate tools and techniques.
Our specialty areas include:
Audit Assistance – Risks have been identified and controls documented – now what does your data say? Adding a data analysis component to the audit review allows:
- Control testing of 100% of the population
- Targeting sample selections to records with higher risk
- Easily filtering for outliers and
- Readily identifying criteria that might not fit typical patterns
Our team can assist from risk identification to report preparation. What’s on your audit plan this year?
Automating Analysis – While an audit can help you find out if your processes are working as of a point-in-time, an automated analysis can provide an opportunity to perform periodic, repeated assessments of high-risk, data-intensive areas in a cost-effective way, significantly reducing the time spent on audit analysis.
Galvanize (ACL) Coaching and Mentoring – What’s next after you’ve taken all the Galvanize (formerly known as ACL) classes? Consider a coaching contract with Brown Smith Wallace to ensure you’re getting the most out of your training. With over 40 combined years of experience, our group can:
- Collaborate to automate a process (design phase)
- Assist your Galvanize expert in scripting a project
- Review code for efficiencies
- Teach targeted process classes (functions, imports)
Whether you have a single expert or a data analysis group, we can partner with you to help take your Galvanize analysis capabilities to the next level.
The Brown Smith Wallace data analysis team uses Galvanize software in addition to other tools to perform data analysis. Our professional team includes data analysis experts, as well as consultants that are experienced in MS Access, MS Excel, SQL, Tableau, VB, Power BI, Domo, and Adobe InDesign. These tools, combined with years of data analysis, consulting and audit experience, provide you with valuable insight for strategic and critical business thinking.
For more information on how data analysis will benefit your organization, or to learn more about our advisory services practice, please contact us today.
The City of Moberly requested Brown Smith Wallace conduct an analysis of the city’s water and sewer billings and collections. The objective was to ensure billings and collections, as reported by the city, were reasonable and controls were in place, adequate and operating effectively to ensure the accuracy and proper reporting of future water and sewer revenues. Their team performed detailed data analytic procedures on water and sewer billing records between over two years. The results included recommendations to improve our procedures and internal controls over water and sewer billings and collections. Their analysis identified several potential data anomalies. Due to the nature of the utility billing process, these anomalies need to be further researched to determine if billing inaccuracies exist. A significant initiative being led by city management is underway to correct the various items identified during this assessment and other related projects. We are grateful for the work Brown Smith Wallace has done and continues to do for the City of Moberly.
City of Moberly
Mary West, Director of Utilities
The University of Missouri System requested that Brown Smith Wallace provide data analysis expertise to analyze our purchasing card transactions over a two-year period. They developed testing criteria in collaboration with the UM System Internal Audit team and other UM System personnel familiar with current p-card processes. Brown Smith Wallace took the time to understand our policies, process workflows, system inputs, reports, prior audit findings and available files for data analysis use. They also worked with UM System personnel to identify and develop data analytic tests, risk assessment criteria, and sampling strategies. UM System personnel will also partner with Brown Smith Wallace to design, develop and implement an ongoing monitoring process for the redesigned One Card processes and controls incorporating the use of data analysis. We appreciate Brown Smith Wallace being a collaborative partner as we work to continuously improve our processes and procedures within the UM System.
University of Missouri
Michelle Piranio, Chief Audit Executive
- Online/Live Webinar, 09.18.2019
- First Floor Training Room, CityPlace 6 Cityplace Dr, Creve Coeur, MO 63141, USA, 09.13.2019
- Q3 2019 Advisory Risk Briefing: Using Data Analytics to Monitor Fraud Risks @ Blanchette Park Memorial HallBlanchette Park Memorial Hall 1900 W Randolph St, St Charles, MO 63301, USA, 09.12.2019
- Online, 04.24.2018
- 6 CityPlace First Floor Training Room 6 Cityplace Dr, Creve Coeur, MO 63141, USA, 06.02.2017
- Blanchette Park Memorial Hall 1900 W Randolph St, St Charles, MO 63301, USA, 06.01.2017
- CityPlace 6 :: Lobby-level Training Room 6 CityPlace Dr, Creve Coeur, MO 63141, USA, 01.26.2017