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Analytics for Audit professionals

Gain insights into your business

Auditors translate a risk analysis, which forms the basis of every audit, into processes and transaction flows. The auditor formulates the audit questions in advance. A large part of these audit questions can be answered using Audit Analytics.

Our Audit Analytics dashboards are set up with the audit team based on the selected audit questions. Based on a pre-agreed timeline, the audit analyses are developed together with the audit team, and the findings are discussed with the team.

The audit team is in the lead. We support the audit team with Audit Analytics. The findings are reported to the audit team. We support both internal audit teams with specific audit questions and external auditors who, for example, conduct financial statement or subsidy audits.

When it comes to further analysis, especially cause analysis for deviations, we define the “why” question in advance. Root cause and exception analyses may focus on in-depth additional revenue and margin analyses at the product and customer level, analyses of payment environments and cost invoices, or analyses of services and/or products without invoicing. It is always about gaining relevant insights and solving audit questions.

Do you have questions about analytics? We are happy to advise you!
0900 024558
info@coneyminds.nl

Custom-designed Tableau System

Since 2010, we have been working with Tableau, the most advanced data visualization solution currently available on the market. With Tableau, we can transform data into relevant insights at lightning speed. Through 24/7 accessible view options, we share and update these insights seamlessly.

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Auditors want relevant answers to audit questions

Every auditor seeks relevant control information to support the audit conclusions. Audit Analytics is an efficient and effective technique for collecting relevant control information. By using data analysis, traditional methods such as sample observations and testing can be avoided. With data analysis, an integrated view is gained into a significant process or transaction flow based on relevant audit questions. We translate these audit questions into a custom-built audit dashboard for auditors. The audit outcomes are discussed together. These data-driven audit dashboards meet several key characteristics:

  • Custom-built
  • Focused on what is relevant for the auditor based on prior scoping
  • Access to underlying transactions
  • Automatic updates based on a pre-agreed frequency
  • Adaptable to new (audit) circumstances

We enjoy working with auditors who share our data-driven mindset. This collaboration arises from the shared belief that focusing on relevant insights empowers the auditor. Focus on relevant control information, based on integrated data analysis of significant processes and transaction flows.

When it becomes clear that audit findings fall short of expectations or when trends emerge that deviate from recent patterns, it is time to investigate the underlying audit issues further. These are the root cause and exception analyses. We will discuss the scope, timeline, and fees for these additional analyses in advance. Findings are shared through intelligent visualizations in our Data Portal, powered by Tableau.

Recent data analysis challenges for auditors include:

  • Insights into the development of revenue and margins, and analysis of deviations from performance compared to internal norms and/or expectations
  • Soll versus IST analysis for revenue, based on capacity analyses, subscriptions, hours, or delivered services and products
  • In-depth insights into turnover rates for items such as inventory, receivables, and payables
  • Insights into the development of specific cost groups such as R&D, Marketing & Sales, and Maintenance costs
  • Analysis of ESG performance compared to internal benchmarks
  • Assessment of the design and effectiveness of internal controls over relevant financial processes (using process mining)

The Roadmap to Insights with Analytics

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1

Developing the Strategy

We begin by discussing the “why” question: which analyses are relevant, and which smart metrics provide the desired insights? We also define the update frequency for the smart metrics and the follow-up process: what actions will be taken based on the results? We listen and translate the smart metrics into the required data elements and corresponding KPI definitions. Regular meetings are held to refine the smart metrics and adjust them to new standards and expectations. If deeper root cause or exception analyses are required, we define the scope, depth, and additional costs for these analyses upfront.

2

Developing the dashboard

Dashboard development begins with a “concept.” This includes defining the smart metrics and sharing example visualizations. Together, we determine how to present the insights in the most valuable way.

3

Data integration

A key part of the process is identifying how the required data elements, stored in underlying source systems, can be accessed. For example, can this be done automatically via an API connection, or is a custom data extraction solution required?

4

24/7 Dashboard Access

Dashboards are automatically updated based on a pre-agreed frequency. Using Tableau, which operates within our Data Portal, we provide access through View licenses linked to individual users. Everyone with a View license can securely access the dashboards 24/7 via laptop or mobile device.

5

Exceptions & trends

Data analysis is an efficient way to gain relevant insights. It becomes truly effective when exceptions from expected performance or trends are followed up on. We actively monitor, provide input, and, where necessary, initiate deeper root cause and exception analyses.

Do you have questions about analytics? We are happy to advise you!
0900 024558
info@coneyminds.nl

Title

Relevant insights help make the right decisions. In a constantly changing world, businesses must adapt and tackle challenges. What’s going well, and which issues need further exploration and research?

Every business has some form of management information available. Often, it’s a collection of Excel documents that have developed over time. There’s an abundance of data, but not necessarily an abundance of information.

In practice, we see that the demand for relevant insights is always evolving. Additionally, some issues require in-depth investigation to uncover the causes of deviations and address disappointing performance.

We are eager to meet data-driven professionals. We enjoy discussing how we can help entrepreneurs by focusing on the right questions, providing relevant insights, and, when necessary, conducting deeper analyses on business challenges.

We work well with financial professionals. With our background in audit and the broader accounting field, we understand the financial side. We actively collaborate in setting up relevant financial dashboards that focus on financial performance, transparency of risks, and the identification of exceptions.

We also collaborate closely with business controllers, where the focus shifts more toward business performance. Where are deviations occurring? How do you interpret trends? Where are the opportunities to turn data into relevant business insights? In a more business-oriented dashboard, ESG/CRSD is now included, but there’s also increasing demand for operational performance insights.

Our collaboration with auditors is in our DNA as data-driven auditors and analysts in the broader assurance domain. Over the past few years, we’ve supported numerous accounting firms with concrete Audit Analytics support. While we are never in the lead of an audit, we assist the team with a set of data-driven audit steps, including data scripting, analysis, and visualizing findings for the audit file.

More and more regulators (supervisory boards, boards of trustees) want concrete insights into the organizations they oversee. Periodic PowerPoint presentations are useful, but by 2025, there will be opportunities for supervisory teams to access actual KPIs, trends, and underlying facts themselves. We are eager to collaborate with businesses and organizations to create a relevant overview for supervisors. This often involves a set of broader, smarter metrics that address various important topics.

We specialize in auditing the annual accounts, support data-driven companies with analytics issues and with iAccountancy we not only focus on compiling the annual accounts, but combine this with smart performance dashboards and tax returns.

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Coney Minds
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Van Nelleweg 2521
3044 BC Rotterdam
info@coneyminds.nl
+31 (0)10 284 92 88
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