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AUDITWATCH POWER PLAY DATA EXTRACTION SERVICES

INCREASE AUDIT QUALITY AND EFFICIENCY

Let our experienced auditors and software specialists take
the burden off your team members! Through our Power Play
outsourcing services, we can help you:

  • Harness the power of data extraction software on your
    engagements.
  • Increase quality and efficiency of your audits, specifically in
    complying with AU Section 240 (SAS No. 99) and other audit standards.
  • Eliminate the risk of having your technology expertise "walk out
    the door."
  • Minimize or eliminate expensive software purchases and maintenance fees

One of the features of the Power Play service is that it is priced
and performed at the engagement team level. It allows for a
project-by-project cost-benefit analysis and the ability to directly
capture and pass on the cost to the specific client.

WHAT IS DATA EXTRACTION?
Data extraction is a powerful tool that improves the quality
of audit evidence with a significant reduction in cost.
Data
extraction allows you to access your client’s financial data
electronically and download it to your computer. Once you have
this data, the software gives you the power to:

  • Perform automated audit tasks, such as selecting samples or
    scanning populations for potential misstatements.
  • Perform audit procedures, such as the review of journal entries
    required by Au Section 240, that otherwise would be difficult, if not
    impossible, to perform manually.
  • Produce reports that contain the information you need in
    the format that is best suited for audit procedures, such as
    analytical procedures.
  • Easily analyze reports provided by your client that were earlier considered "ugly" and "unusable."
  • With so much of your clients’ data being stored electronically, it
    only makes sense for audit teams to access and work with this
    data electronically.

Don’t want to outsource? See our Data Extraction Training to learn how we can help
you do it yourself!

OUR EXPERIENCED AUDITORS AND SOFTWARE SPECIALISTS WILL HELP YOU HARNESS THE POWER OF DATA EXTRACTION SOFTWARE ON YOUR ENGAGEMENTS WITHOUT HAVING TO PURCHASE ANY SOFTWARE
 

A TYPICAL POWER PLAY ENGAGEMENT

IDENTIFICATION AND SELECTION OF PROCEDURES

  • We can assist engagement teams in recognizing opportunities to utilize data extraction software to improve their projects.
  • Teams submit the draft and/or final requests to a secure website that we set up exclusively for the use of your firm. There are tools on the website to help the auditor pick and click procedures or just to provide suggestions.
  • We provide the engagement team a price quote for the specific services requested. For very common or repetitive requests we may offer standard pricing options.

OBTAINING DATA

  • The engagement team can obtain the data on their own or ask us to assist with this process.
  • We can work with almost any data format your client can produce.

DATA PROCESSING

  • We perform the procedures you request and generate the results.
  • We confer with the engagement team as we perform the procedures to address any surprises or issues that we identify.

REPORTING AND DOCUMENTATION

  • For most projects we prepare a memo that serves as a main part of the team’s documentation.
  • For most projects there are also some data files created with transactions, sample items, analytical procedures, or exceptions that have been created based on the team’s requests.

WE'LL HELP YOU UTILIZE DATA EXTRACTION SOFTWARE TO IMPROVE YOUR PROJECTS!

Don’t want to outsource? See our Data Extraction Training to learn how we can help
you do it yourself!

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