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Greetings!
Our number one goal is to help auditors become more efficient and effective. This goes beyond providing our users with a top-notch data analysis tool. As soon as you install IDEA, we are in your corner providing you support, training and networking opportunities.
This issue of the newsletter is all about enrichment.
The IDEA Virtual User Groups will allow you to learn more about IDEA from your peers - all from the comfort of your desk. The IDEA Challenge gives you an incentive to have fun with IDEA. Our newest article will provide insight in to T&E and continuous auditing. Don't forget to check out the updated training calendar for a chance to increase your knowledge and earn CPE.
Finally, we are happy to announce our newest Integration Partner, BKM Sowan Horan - they will introduce new users to IDEA and help maximize the efficiency of our current users.
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BKM Sowan Horan joins Integration Partner Program
BKM Sowan Horan helps CaseWare IDEA Users Acquire and Extract Value Data
Audimation Services, Inc. today announced the addition of BKM Sowan Horan, a full-service accounting firm specializing in data acquisition, analysis and automation services, to the Integration Partner Program.
BKM Sowan Horan provides a variety of accounting and audit services including assurance, tax, business valuations, forensic, litigation, IT audit and consulting. Their entire team is proficient in using CaseWare IDEA with expertise in performing financial audits, IT project management and compliance-related consulting including Sarbanes-Oxley (SOX) audit services and Service Organization Control Reports (SOC).
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From T&E Reviews to Continuous Auditing
How Data Analysis Tools Empower the Internal Audit Function
Our ominous economic situation has prompted many companies to rethink how they conduct business, which includes taking a closer look at business expenses in an effort to monitor and control costs. Accountants and internal auditors work to identify redundant, weak, missing or gaps in controls, reduce risk and detect fraud in an effort to offset the lower revenues many companies are experiencing.
While system and data errors can serve as a breeding ground for fraud and abuse, internal auditors can apply data analysis techniques to identify issues within the organization's data. Data analysis tools allow the auditor to interrogate large volumes of data, and run multiple queries to look for and extract unknown information, which assists in detecting internal control violations, errors and potential fraud.
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Connect with IDEA users throughout the U.S. by joining the first-ever IDEA Virtual User Group. Held exclusively for supported users, these virtual events will feature presentations from fellow IDEA users and the IDEA Tech Team. Following each presentation, we will moderate a Q&A session and continue the discussion online via LinkedIn. This is a great opportunity to connect and share with other IDEA users...without leaving the office! Join us for the inaugural event on:
Wednesday, May 29 @ 10 a.m. CDT (11:00 a.m. EST)
"What's New in IDEA V9: Overview of New Features & Functionality"
Seating for this event is limited, so register early.
Click here to register
Interested in Presenting?
To make the Virtual User Groups successful, we'll need your participation. If you're interested in providing a brief 30-45 minute presentation on best practices for using IDEA, or a topic of your choice, please contact us at lindseyf@audimation.com. All you'll need is a presentation and computer with internet access (microphone headset is recommended). We'll handle the rest! Contact us for details.
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IDEA Challenge
This month's IDEA Challenge is an easy one! Using the sample files installed with IDEA Version 9, we want to know what insights you can give us into our data.
If you have upgraded to IDEA Version 9, you can access the sample files from inside your Document Folder: Documents\My IDEA Documents\IDEA Projects\Samples. If you haven't yet upgraded, you can downloading the files:
Using the sample files, please answer the following questions:
- Which products generated the most revenue each year?
- Which product had the highest price increase?
- Can you calculate inventory value if you assume a gross margin of 50%? Why or why not?
- Are there any customer risks or concentrations that need to be addressed? Who are they?
We are looking for the most efficient analysis - show us your steps! We will announce the winners and reveal the solutions in the next issue of the Update. First Place will receive a $50 gift card. Second and Third Place will receive a $25 gift card.
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We want you to know what is happening with IDEA. We post IDEA tips, tricks and news, industry insights and the latest information on training and technology.
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Notable Quotes
"Our firm relies heavily on CaseWare IDEA because it can be used in so many ways from bringing the data in, to examining 100% of the data and building repeatable processes."
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If it takes you more than 20 minutes to utilize any IDEA function, contact us for assistance.
888.641.2800,
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