Data mining
Data mining is the process of extracting knowledge hidden in large volumes of data. Data mining tools look for trends or anomalies without knowledge of the meaning of the data.
Data anomalies are not necessarily the result of fraud, but can be the result of a range of different factors. In many cases they are caused by faulty data entry, where the user has typed in one value instead of another. Errors can also arise from software or hardware malfunctions, resulting in corrupted data. In other cases, errors are made intentionally.
As difficult as they can be to detect, such minute errors can cause considerable damage to business, resulting in direct loss of both income and reputation.
Depending on your requirements, we can provide the following solutions:
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Data Mining
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Fraud Detection
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Data Quality Integrity
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System Integrity
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Data Conversions
Continuous auditing
Continuous auditing is the application of automated tools to provide assurance on financial and non-financial data within a company. Simply put, continuous auditing uses a set of tools to check whether a company’s financial information is handled correctly and if internal controls preventing errors and fraud are functioning.
The “continuous” aspect of continuous auditing and reporting refers to the near real-time capability for financial information to be checked and shared. Not only does it indicate that the integrity of information can be evaluated at any given time, it also means that the information is constantly verified for errors or fraud.
Continuous auditing provides ongoing assurance by:
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Automating audit tests on entire data populations allowing the audit team to focus on high risk areas;
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Allowing for controls to be analyzed on an ongoing basis;
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Allowing for fraud, errors and data inconsistencies to be readily identified; and
- Improving the effectiveness of the audit function by reducing audit time spent on detailed control testing
