A statutory or voluntary financial statement audit requires an independent auditor who not only examines the financial figures but also understands how they are generated. At Coney Minds, we therefore look closely at the business processes, systems, and transactions underlying the financial statements. Through our Data Driven Auditing approach, we combine the experience and professional judgment of qualified auditors with data analytics, process mining,AI and clear data visualisations.
For us, Data Driven Auditing is not a traditional audit with a few additional analyses performed afterwards. It is an approach in which available data helps shape the design and execution of our audit procedures from the initial risk assessment onwards. Our objective is to develop a deeper understanding of the business, perform more targeted audit procedures, and communicate relevant findings to our clients in a clear and accessible manner.
Coney Minds showed us that an audit can be more than just something we are obligated to do. They helped bring clarity into our numbers as well as our internal processes.
ViaEuropeFinancial statements show what has happened financially within an organisation. The underlying transactions and business processes help us understand how those figures came about. At Coney Minds, we therefore look beyond individual financial statement balances and, wherever possible, examine the relationships between orders, deliveries, invoices, payments, inventory movements, and general ledger entries.
By connecting data from different systems, we can analyse entire transaction populations, identify patterns, and detect anomalies that may require further investigation. These analyses support our risk assessment and help us determine where additional audit procedures are necessary.
This does not mean that data analytics replaces the auditor or that analysing every transaction automatically provides complete audit assurance. The reliability of the underlying data, the quality of our analyses, and the professional judgment of our auditors remain essential in determining the sufficiency and appropriateness of the audit evidence we obtain.
See more: Understanding processes and transaction flows
Our audit begins with understanding the business. How are the key business processes organised? Which systems are being used? And which risks could affect the financial statements?
Using data analytics and, where relevant AI and process mining, we examine how transactions actually flow through the organisation. We look for trends, relationships, and exceptions, while also assessing the reliability of the underlying data and the internal controls surrounding these processes.
Audit smarter: Integrating data into the audit programme
The outcomes of our risk assessment, together with the opportunities presented by the available data, form an important foundation for our audit programme. Through our Audit Workshop, we engage with finance teams and other relevant stakeholders to discuss which processes are most relevant, what information is available, and where data analytics can genuinely add value to the audit.
Our auditors and data analysts then work together to design an audit approach tailored to the nature, size, and complexity of the organisation.
Not every business process is equally suitable for data analytics. Where additional or more traditional audit procedures are required, these naturally remain an integral part of our approach.
Deliver more meaningful insights: The story behind the numbers
During a financial statement audit, we collect and analyse substantial amounts of information about the organisation. The insights generated are not only relevant to our audit but can also provide valuable starting points for discussions with CFOs, finance directors, and business owners.
Using tools such as Tableau dashboards, we make relevant analytical findings accessible and understandable. Through our Story of the Audit, we connect our audit findings to the underlying business processes and transaction flows.
For example, this may lead to discussions about unusual developments in revenue and margins, exceptions in transaction processing, or potential improvements in internal controls.
In this way, we aim to make the audit process more transparent while creating opportunities for meaningful conversations about what the organisation’s data reveals.
At Coney Minds, we believe that a high-quality financial statement audit begins with asking the right questions and understanding the people and processes behind the numbers. That is why our qualified auditors, trainee auditors, and data analysts work closely with our clients’ finance teams. We discuss our audit approach, share relevant insights, and invest in an open and collaborative relationship, supported by clear agreements on planning, audit procedures, and fees.
Since the founding of Coney Minds in 2005, we have continuously developed our data-driven audit approach, which we named Data Driven Auditing. Technologies and analytical techniques have evolved significantly over the years, but our underlying belief has remained unchanged: the most effective audits emerge when professional expertise, data, and people reinforce one another.
Coney Minds provides statutory and voluntary financial statement audits for businesses and organisations across a wide range of sectors. Our clients include commercial enterprises, trading and manufacturing companies, technology businesses, and organisations operating in the sports, healthcare, and non-profit sectors.
Our approach is particularly relevant to business owners, CFOs, and finance directors who value an independent, high-quality audit and want to gain a better understanding of how the underlying business processes and transactions contribute to their financial reporting.
Are you looking for an independent auditor to perform a statutory or voluntary audit of your financial statements? And would you like to explore how our Data Driven Auditing approach could work within your organisation?
We would welcome the opportunity to discuss your business, its key processes, and the possibilities of integrating data analytics into a targeted and transparent financial statement audit.
After five years it was time again, an updated Top 30 Data Analytics overview of Analytics used in the audit. No #ChatGPT examples or other trendy AI features yet, but old school data analysis and process mining examples straight from our audit practice, immediately adding value to your audit program
DOWNLOADWe would like to get acquainted to talk about your business, the degree of internal control surrounding processes and transactions and any audit issues. We share our mindset. With a joint click we prepare a quotation.
At the start of the audit, we always organize a workshop with clients to discuss the audit approach together and to deliver agreements for the delivery of data and other information.
During the audit, we will keep you informed of our findings regarding the assessment of processes and transactions and the annual accounts. Via Story of the Audit you have access to the results of our data analyzes in our Tableau environment.
The way in which organizations account for their role in society is changing rapidly. In 2021, society is fairly skeptical about the reliability of the shared 'green' information. There are also too many examples of 'greenwashing', making good appearances with incorrect green numbers towards the public.
Stakeholder demand for reliable ESG information, both financial and non-financial, is increasing rapidly. At the same time, societal skepticism regarding the credibility of ‘green’ claims continues to grow. We support ESG-driven organizations in the careful determination and transparent presentation of reliable, verifiable ESG information.
Auditing of your financial statements supported by data analysis, that is Auditing 3.0
In addition to auditing the financial statements and ESG Assurance, we also perform a number of Other Assurance activities, such as Assessment and Subsidy assignments.