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"We used IDEA to automate data feeds on a quarterly basis, review and customize exceptions, increase external audit reliance on our work, prioritize high-risk areas, and address internal control gaps.  As a result, we were able to minimize risk and reduce external audit fees, generating a 1000% return on investment."   

Recent News and Articles  

Congratulations to the winners of the last newsletter's IDEA Challenge!

1st Place - Alejandra De Arango

2nd Place - Franz Solatan

3rd Place - Jerry Gray & Jennifer Wagner  

The key aspect to that question was recognizing the need to use regular expressions to perform pattern matching. There's more than one correct way, but the IDEA equation @RegExpr(SSN_INVOICE_DESCRIPTION,"\s[\d]{3}[\-\.]{1}[\d]{2}[\-\.]{1}[\d]{4}[\s\.]") will correctly find the social security numbers embedded in the text descriptions for last quarter's challenge. This regular expression matches any portion of the string that has white space followed by three numeric digits, then one hyphen or comma, then two numeric digits, then one hyphen or comma, then four numeric digits and finally followed by either a period or white space. The attached script details the solution.

NEW IDEA Challenge 

The new challenge concentrates on making scripts flexible enough to allow for changes in file names and to allow for user input in determining how the script will run. While light on analytics, this challenge will focus on modifying a script to incorporate the scripting IDEA File Explorer so a user can run the script and choose the file they want the script to work on. Then, the challenge will focus on implementing two different techniques that allow a script user to choose the account number and account type for which they would like summarizations. This will involve the use of Input Boxes and the creation of your own Dialog Box.  

The attached files include the IDEA database, the starter script and a word document listing screen shots showing the results of each step. Make sure the input boxes and dialog box look like those in the screen shots and that you can obtain the same output.

The Q1 2012 Challenge Script is the starter script. It contains more detailed instructions and help. Modify that script to construct your answer.  Email your script to kurtj@audimation.com.  The first three people who provide the correct solution will win the prizes.  The first, second and third place winners will be based on the order in which the correct answers are submitted.

1st Place - Portable DVD Player 

2nd Place - $50 VISA Gift Card 

3rd Place - IDEA Goodie Pack   

Click here for Challenge Files 

Accounts Receivable Analysis Using CAATTs 

By Don Sparks, CIA, CISA, ARM - as published in AuditNet.org 

In recent years, many internal auditing organizations have recognized the need to sit back and reevaluate what is in their "audit universe".  Are we hitting the right sized risk areas with the right tools and techniques?  One area that is being pulled into focus is the financial statement reporting process often considered to be the sole territory of the external accounting firm auditors.

Nearly every company large or small uses an accounting system containing the general ledger.  These accounting systems often times have integrated ledgers for areas such as accounts payable, accounts receivable, payroll, and inventory.  

Below is a summary I prepared recently on the Accounts Receivable area.  While there are many audit tests that can and often times should be conducted on a periodic basis, I pulled together 8 analytical tests that can easily be conducted by audit.

Click here to read more 

Importing MS Access Files into IDEA v8.0.5

As of the release of MS Office 2010, changes have been made to the MS Access drivers that have hindered IDEA's capabilities to import/export from/to Access 2010 as well as 2007. Currently, the only "supported" version of Access is 2003, but to be on the safe side, it would be best to follow these quick tips...

Click here to read more

Big Data is all the rage. Analyzing that data is mission critical for auditors. Could your organization benefit from a more robust version of IDEA - IDEA Server?  

Here are some questions to consider... 

Click here to read more

Upcoming Events

IDEA Public Training Courses   

April 2 - 4, 2012 

Chicago, IL 

April 10 - 12, 2012 

Houston, TX 

Dallas, TX

May 21 - 23, 2012 

Philadelphia, PA

Register Now 

Seminars    

Sampling with IDEA - Beyond the Mechanics

March 29 ,2012 

Washington, D.C. 

Fraud Auditing with IDEA: Disbursements 

June 4 - 5, 2012

Houston, TX 

Register Now   

Distance Learning

Using IDEA to Test  

for T&E Fraud 

March 27, 2012

May 15, 2012 

At Your Desk

Using IDEA to Test for Completeness in a General Ledger File 

March 26, 2012

May 18, 2012 

At Your Desk  

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