AuditWare’s team of professional, experienced industry experts can deliver effective solutions in a number of specialist areas, to increase your efficiency and revolutionise your business performance.
Whether you are looking to streamline and automate your vital business processes or move towards continuous monitoring and best practice, our consultants are here to help improve the quality of your corporate reporting.
On-going challenging times demand more reliability on controls and data quality. We can help by updating and improving your internal controls, reducing the threat of unpleasant surprises and related costs by identifying and addressing them before it is too late.
AuditWare’s consultants have already helped high-profile clients with their vital business processes – some examples are listed below.
A large organisation with more than 20,000 employees migrated their payroll system to a new computer.
They required assurance that the data had been migrated successfully and that the new system was processing correctly during the parallel running period.
Our consultants developed a series of IDEAScripts which allowed IT personnel to quickly identify, examine – and if necessary, correct – any discrepancies as they appeared.
An organisation which used IDEA occasionally – and therefore did not have sufficient detailed expertise in the use of the software – required help.
AuditWare developed a suite of comprehensive standard tests taking the user from download and import through to reporting. The tests focused particularly on the critical accounts payable section of their business.
With our assistance the scope for unforeseen errors and potential fraud was significantly reduced. A step-by-step user guide was then developed to allow users to carry out tests with a minimum of training and expertise.
Duplicate payments – the hidden cost to your business
Most companies believe that their internal controls prevent any possibility of duplicate or over-payments.
Payment platforms should have controls in place to flag, track or catch duplicate payments – however, if any of the fields are entered inaccurately or inconsistently, the system’s check for duplicate payments will not be effective.
For the same reason, built-in duplicate checks in data analysis software will only pick up a small percentage of duplicates – typically less than 20%. A sophisticated testing regime needs to be applied to identify the majority of duplicates.
Using experience gained from its long association with IDEA and knowledge of finance systems, AuditWare has both the methodology and technical skills, tested over many projects, to identify at least 90% of these duplicate payments.
How we can help
- Accounts Payable/Receivable
- Fixed Assets/Inventory
- General Ledger
- Payroll Audit
Audit & Risk Management
- Continuous audit
- Controls streamlining
- Policy compliance and enforcement
- Fraud detection and investigation
- Regulatory compliance
IT & ERP Security
- Data Acquisition / Matching / Migration
- IT Security Reviews
- Segregation of duties
- Access certification
- User provisioning
- Application installation and configuration
- Anti-Money Laundering
- Data Quality Management
- Payroll Monitoring
- Procurement Card
- Tax / VAT
- Travel and Expenses
AuditWare worked with the following organisations to create effective, long-term solutions:
IDEA was used to analyse accounting data which identified account balance discrepancies, data mining techniques were then applied which revealed under reporting of sales to the parent company allowing the diversion of funds.
Large European retailer
Initial analysis showed variations on prices paid for goods, further investigation uncovered collusion between buyers and suppliers resulting in inflated prices being paid for stock.
Leading UK retail chain
Data mining techniques were used to reconstruct closing stock figures over an extended period which revealed the misappropriation of stock.
It might seem obvious that not all fraud can be prevented; however the ability of an organisation to detect, investigate and recover fraud, while establishing a real deterrent, is critical.
In the light of an increasingly regulated environment and with the growing number of complex transactions, internal and external auditors faced with the challenge of detecting fraud have turned to automated programmes.
IDEA is often used to find fraudulent transactions from among the mass of innocent transactions. Skilled consultancy, using state of the art tools combined with practical experience make it possible for AuditWare to detect hidden issues.
Our case studies are proof that continuous monitoring pays for itself by improved audit effectiveness in locating and resolving errors quickly and thoroughly and offers cost reductions in both internal and external audit efforts.