The Essential Collection of Audit Tests & ReportsWhen using data analytics for an audit, some of the most significant challenges are determining which areas to test and what types of tests and reports to run.
Value of Using the Financial App:
The Financial App is a collection of 55+ pre-built analytic tests and reports for business-critical areas:
- General Ledger
- Accounts Payable
- Accounts Receivable
- Fixed Assets
- Inventory
The App helps perform standard evaluations and run specific audit tests to detect issues. It can be used on every audit engagement to boost productivity and improve audit quality and consistency.
Seamless 4-Stage Process
Easy to Use, Easy to Implement
- Import client data
- Launch the Financial App (FIN) and select desired routines
- Correlate data field names in routines and files using “Define Tags” button
- Press OK and review results in “Conclusions” fly-out window
This extensive set of routines simplifies the analysis of general ledger, accounts receivable, inventory, fixed asset and accounts payable transactions.
- Requires minimal training
- Provides a standard set of automatic audit tests in every year-end audit
- Integrates into the audit cycle to replace conventional procedures
- Ensures audits are uniform and increases the quality of all year-end audits
- Tests are itemized in a process-oriented logical structure by audit phases
- Creates independency of different accounting systems and their system-based evaluations
- Simplifies journal entry testing required by the International Standards on Auditing (ISA 240.32 and ISA 240.A43)
Fin App ApplicationsFinancial App Tests
Perform standard evaluations and run specific audit tests to detect issues using this suite of 55+ pre-built tests and reports. It can be used on every audit engagement to boost productivity and improve audit quality and consistency.
General Ledger
- Missing Journal Entries
- Journal Entries Posted on Specific Dates
- Out of Balance Journal Entries
- Summary by Account Combinations
- Journal Entries with Amounts that End in 999
- Journal Entries with Rounded Amounts
- Journal Entries with Large Amounts
- Account Balances by Journal Source
- Journal Entries Posted at Specific Times
- Journal Entries by User
- Journal Entries by Period
- Summary by Account Number
- Journal Entries with Specific Comments
- Duplicate Journal Entries
- Journal Entries by Period and Journal Source
- Journal Entries Posted on Weekends
- Account Balances by Period
Inventory
- Last Sales Price Lower than Unit Cost
- Aging by Receipt Date and Unit Cost
- Aging by Receipt Date and Ending Inventory Balance
- Inventory Received Around Specified Date
- Calculate Unit Turnover Ratio
- Compare Sales Price with Unit Cost
- Zero and Negative Unit Cost
- Inventory Location Summary
- Recalculate Inventory Balance
- Large Inventory Amounts
- Duplicate Field Search (Inventory)
- Calculate Inventory Turnover Ratio
- Negative Quantity on Hand
Fixed Assets
- Recalculate Declining Balance Depreciation
- Asset Category Summary
- Fixed Assets Additions
- Duplicate Field Search (Fixed Assets)
- Recalculate Straight Line Depreciation
- Depreciation Exceeding Cost
Accounts Payable
- Transactions Posted on Weekends
- Transactions Around a Specified Date (Payables)
- Aging by Invoice Date (Payables)
- Creditors with Balances Greater than Approved Limit
- Transactions by User ID
- Duplicate Invoices or Payments
- Invoices without Purchase Order Numbers
- Creditors with Total Invoice Amount Greater than Approved Limit
- Creditor Transaction Summary
- Transactions Posted on Specified Dates
- Transactions Posted at Specified Times
- Duplicate Field Search (Payables)
- Transactions with Rounded Amounts
- Creditors with Net Debit Balance
Accounts Receivable
- Transactions Around a Specified Date (Receivables)
- Aging by Invoice Date (Receivables)
- Debtor Transaction Summary
- Duplicate Field Search (Receivables)
- Debtors with Total Amount Greater than Credit Limit
- Aging by Due Date
- Debtors with Balances Greater than Credit Limit
- Debtors with Net Credit Balances