As more and more organizations rely on data to make strategic decisions, audit analytics has become an essential tool for internal and external auditors.
What are data analytics tools in auditing?
Data analytics tools for internal audits can directly interact with systems and extract data. They also allow every transaction and balance to be analyzed and reported. The growth of computerization and the increased volumes of transactions have moved audits away from traditional methods to effective ones driven by data.
However, implementing analytics within an audit team can be exhausting. You need the budget, the resources and the skill set to even think about getting started. Once you have those in place, choosing the best tool for your needs can seem even more daunting.
There are a few options on the market, some offered by audit software providers and some more generic. This article will help you determine what is most important for your organization when deciding on a tool for your analytics team.
What to look for in audit analytics tools
As you consider which audit analytics tool to purchase, here are some factors you’ll want to keep in mind:
- Functionality: The audit analytics tool should be able to perform the necessary data analysis tasks for your specific audit needs, such as data profiling, risk assessment, and sampling. It is essential to identify which features are the priorities for your organization.
- Ease of use: The tool should have a user-friendly interface and be easy to learn and use. This will help to minimize the learning curve for users and improve efficiency.
- Data sources: The tool should be able to handle various types of data sources, including different formats and sizes. This is especially important if you are dealing with large volumes of data.
- Integration: The tool should integrate well with other software and tools you use in your organization. This will make it easier to share data and insights across departments.
- Customization: The tool should allow for reports and analytics customization to meet your organization’s and stakeholders’ specific needs.
- Price: Analytics software can be expensive. It deals with highly specialized and complex functionality. Some offer enterprise pricing because multiple departments may use them, while others vary in price to meet more niche needs.
- Local support: Access to local support is crucial for African organizations. At Revival Holdings, our team of experts understands the unique challenges and requirements of the region. We provide timely assistance and guidance to ensure a seamless experience with our audit analytics tool.
How does ACL Analytics from Diligent compare to other audit analytic tools
When comparing ACL Analytics from Diligent and other audit analytics solution providers, here are some key differences to consider:
- Functionality: ACL Analytics from Diligent is designed explicitly for audit analytics and has features tailored to the needs of auditors, such as data profiling and sampling. On the other hand, other solutions have a broader range of functionalities and are not explicitly designed for audit analytics.
- Ease of use: ACL Analytics from Diligent has a user-friendly interface and is generally considered easier to learn and use than other options. Though more scripting is required for ACL Analytics, a robust library of predesigned scripts is readily available for hundreds of standard audit and control tests.
- Data sources: While other solution providers do analytics for a broader range of use cases outside of audit and controls, the data sources for ACL Analytics from Diligent are specific to audit use cases.
- Integration: ACL Analytics from Diligent integrates directly with our audit management system, Diligent HighBond, to provide the analytics results directly into the audit project. Other solutions function as standalone analytics tools, requiring you to separate the results or import the data to an audit management system.
- Customization: Like many other solution options, ACL Analytics from Diligent allows for the customization of reports and analytics.
- Price: The functionality is more targeted since ACL Analytics from Diligent focuses on governance, risk and compliance (GRC) use cases. As a result, it’s often more cost-effective to purchase than the other options on the market.
When it comes to selecting an audit analytics solution, it’s important to consider your organization’s individual requirements and preferences. If your company places a strong emphasis on audit analytics, Diligent’s ACL Analytics may be the best option due to its specialized audit-focused features. For those seeking a local supplier in Africa, look no further than Revival Holdings. With in-person representation in Kenya, Mauritius, Nigeria and South Africa, we stand ready to assist you in making the right choice and providing the necessary support and expertise for a seamless transition to analytics software. Don’t hesitate – reach out to us now and let’s work together to take your business to the next level.