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The Auditing Software Tool to Streamline Effective & Efficient Internal & External Audits

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TeamMate Analytics

The data analytics program TeamMate Analytics is an auditing software tool designed to streamline effective and efficient internal and external audits. TeamMate Analytics software is used in over 70 countries across the globe and serves more than 100,000 auditors and 2,500 organizations ranging in size from sole accountants to large accounting firms; prominent clients include Cincinnati Financial, ORIX USA Corporation, Officer of the Auditor General (State of Michigan) and the software is recommended by Baker Tilly International for use by its members.

TeamMate Analytics is rooted in Microsoft Excel and Microsoft Office, and does not require writing scripts, allowing auditors with little IT knowledge to run the program. TeamMate runs on top of Excel, opening a new workbook in the data sheet and adding a toolbar for cleaning and manipulating the data before performing an analysis. Standalone analysis tools are available for items such as: gaps, duplicates, sampling, etc. Following clean-up, built-in modules address the topics of: expenses, inventory, journals, assets, payables, receivables, human resources, payroll, and sales. TeamMate also allows custom modules to be created through written script following program language, of which can then be shared throughout the organization.

The main purpose behind TeamMate

Analytics is to improve and manage all aspects of the audit process. Audit files can be accessed simultaneously by multiple people at different locations, with an advanced replication feature allowing review of data without interruption of ongoing work. Key security features include encryption and compression of data used for audits. The program’s Test Library includes 200 audit tests, most of which are customizable and are accompanied by an explanation of how to perform the test and how to best interpret the results.

Expected outcomes of TeamMate

Analytics include performing advanced data analytics, making it easy to do analytics, and determining when analytics are required. 100% of a population is audited using TeamMate, during which the program highlights every potential issue or anomaly and searches for the root of the problem. The program was designed to require no scripting, making it easy to use with point and click actions. TeamMate is compatible across most browsers and devices, and displays data in the best viewable format for each device. Cloud access provides access to data anywhere at any time. The Pre-Defined Modules and Test Library provide help determining when performing analytics are suggested by producing test results that are displayed in audit language and terminology and ready for use in further investigations.

Data Preparation tools used before analysis of data include: an Import Wizard, Manipulate Fields, and a Sheet Checker. The import wizard allows the conversion of print reports, PDFs, and word documents into Excel format. There are 36 manipulation fields that can alter data by removing spaces, separating or combining fields, normalizing fields, etc. The sheet checker tool reviews imported data for problems and removes them for you so that all data is clean. A complete audit trail allows auditors to determine responsibility for what work was done by whom, and includes user actions, edits done to documents, due dates, and more.

TeamMate Analytics improves the audit process in the areas of risk assessment, audit documentation and tracking, resource and project scheduling, time and expenses, and content. Advanced risk based plans are conducted by process and risk driver, with user-defined fields making it easy to customize the program following the organization’s preferred risk assessment approach. TeamMate generates exposure reports and transfers the information into the audit file for testing and reporting.

Resource and project scheduling tools include a clear visual color-coded display of assignments and projects and the ability to drag and drop items into schedules. Time and exposure capture is funny connected to the scheduling module, and pre-assigns audit assignments to make the time entry process easier and faster. TeamMate also shows the completeness of the annual plan and generates reports to analyze time and expenses already used. Ease of use content is available on a dashboard that allows easy searching through the organization’s complete audit database.

References:

  1. www.teammatesolutions.com/data-analytics.aspx.
  2. https://chapters.theiia.org/newfoundland-labrador/Events/ChapterDocuments/TeamMate%20Solutions%20Overview.pdf
  3. file:///C:/Users/Emily%20Egan/Downloads/TeamMate_Analytics_Fact_Sheet.pdf
  4. https://wolterskluwer.com/company/newsroom/news/2017/02/the-future-of-audit-is-here-wolters-kluwer-tax–accounting-launches-teammate.html

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The Auditing Software Tool To Streamline Effective & efficient Internal & External Audits. (2020, January 03). GradesFixer. Retrieved August 6, 2022, from https://gradesfixer.com/free-essay-examples/the-auditing-software-tool-to-streamline-effective-efficient-internal-external-audits/
“The Auditing Software Tool To Streamline Effective & efficient Internal & External Audits.” GradesFixer, 03 Jan. 2020, gradesfixer.com/free-essay-examples/the-auditing-software-tool-to-streamline-effective-efficient-internal-external-audits/
The Auditing Software Tool To Streamline Effective & efficient Internal & External Audits. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-auditing-software-tool-to-streamline-effective-efficient-internal-external-audits/> [Accessed 6 Aug. 2022].
The Auditing Software Tool To Streamline Effective & efficient Internal & External Audits [Internet]. GradesFixer. 2020 Jan 03 [cited 2022 Aug 6]. Available from: https://gradesfixer.com/free-essay-examples/the-auditing-software-tool-to-streamline-effective-efficient-internal-external-audits/
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