Accounting standards: The latest (and greatest) changes
There’s a first time for everything and that includes two new accounting standards which will soon...
With the growth in the use of IT over the last 20 years nearly all businesses are now using software for collating management and financial information. Audit and other assurance processes have not changed significantly for many years. Meanwhile, information technology has evolved by leaps and bounds. This evolution in technology is driving changes in the audit process – in particular the use of data analytics and the interpretation of the underpinning data within the financial, payroll, stock management, asset management and any other computerised system.
As a result, software companies have created tools which allow auditors to interrogate the data in a completely new way. On the assumption that you can output data to excel, Staples Rodway has access to the latest technology which allows us to run queries to identify anomalies in the data, such as;
This process assists in the identification of fraudulent or unusual activity, therefore providing your business with added confidence around anomalies in data. If you would like to discuss fraud protection and data integrity further, please contact your usual Staples Rodway Advisor.