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Thinking of transforming your auditing process with data analytics?
This guide highlights the 5 ways in which Inflo Workpapers enables you to streamline workflows and improve the quality of your audits using insights with enhanced precision and depth. Whether you're new to Inflo Workpapers or looking to boost your existing audit capabilities, discover how our working papers solution can transform your approach to auditing.
Inflo Workpapers isn’t just about streamlining existing tasks; by further integrating data analytics into relevant steps of the audit workflow, it significantly enhances both the analytical capabilities available to you and the user experience accessing them.
This integration allows you to effortlessly access and apply data-driven insights, better ensuring audits are fully compliant and rich in depth and precision.
Here’s 5 ways in which this integration impacts the audit process:
1 - Unlock more value from your financial data
By embedding direct access to Inflo’s robust audit Data Analytics into Inflo Workpapers and our digital audit methodology, you can perform detailed analyses of financial data and meticulously scrutinize every transaction.
One common challenge in the profession is not being confident on when or how to use audit data analytics. We’ve solved this with predetermined response options linking directly to relevant Data Analytics modules, supporting the auditor in knowing when and how to implement these approaches, whether that be identifying risks, assessing insights for opportunities and emerging trends, or corroborating items to audit evidence.
2 – Leverage analytics early, without obstacles
Once TB and General Ledger data is ingested and mapped, it instantly feeds into both Inflo Workpapers and Inflo’s audit Data Analytics modules. This allows teams to apply data analytics much earlier compared to traditional, manual methods.
As a result, firms no longer need to manually convert the TB into lead schedules, preparing year-over-year movements for preliminary analytics, calculating key metrics and ratios, or compiling general ledger listings to understand and analyze the TB populations. All of this is ready instantly after ingestion, allowing auditors to focus on valuable tasks without waiting for manual steps to be completed.
Journal entry testing, which addresses the significant risk of management override, is often deferred because of the manual effort involved. Inflo challenges this behavior by empowering auditors to handle critical areas when it suits the audit process best.
3 - Customize your audit processes and outputs
Inflo Workpapers gives optionality in how you leverage data analytics on each specific engagement. This allows for seamless tailoring of the auditing approach and experience to fit the needs of both the specific audit and the specific team involved. This consequently achieves optimal data-driven insights, reducing manual effort and boosting audit efficiency.
This adaptability ensures that audits are thorough and specifically aligned with the unique operational and compliance needs of each client.
4 - Enhance your reporting capabilities
By utilizing Inflo Workpapers, you can transform complex audits into clear, actionable workflows and documentation. With Data Analytics, you transform complex data sets into clear, actionable audit testing, as well as added-value client-facing reports and dashboards that highlight critical insights and patterns.
The integration of Workpapers and Data Analytics enables you to provide clients with a robust, efficient audit together with a visual detailed representation of their financial information.
Transforming your audits with Inflo Workpapers
Take full advantage of Inflo Workpapers to streamline your audits and elevate your productivity. Combined with powerful Data Analytics, you can achieve efficient, accurate, and insightful audits, setting a new standard in audit excellence.
Ready to transform your auditing process? Get in touch to start leveraging Data Analytics within Inflo Workpapers and see the difference.