Audit firms today rely heavily on data for audit processes, from providing assurance over transaction classes to uncovering and determining fraud risks and anomalies. But to effectively accomplish these tasks, audit firms must get access to the breadth of data they need, in one place.
As Albert Einstein once said, “We cannot solve our problems with the same thinking we used when we created them”. With corporate data growing enormously each year, organisations have an ever-increasing challenge to keep track of and collect every data point available. Manual efforts of extracting and mapping data take up vast amounts of time, resources and effort in getting the data needed for further analysis or processing. Firms need a solution that works for ever-expanding volumes of client data and can easily plug into any other audit technology they are currently using. And this is where EB Integration Engine comes into play.
EB Integration Engine, works to solve today’s data challenges by automating the extraction and mapping process, giving organisations more control and consistency over their data ingestion tools.
Here’s a run down of the key points that set it apart from other data ingestion tools offered by the market:
Perhaps the most unique ability of EB Integration Engine’s is the breadth of data that it can ingest. Most providers extract only a small subset of General Ledger (GL), and possibly also the trial balance. Engine B can read the entire ERP system, from accounts receivable to fixed assets to employee listings, and bring in every data point.
We can also bring in unstructured data like contracts and invoices, or external data from company registries or financial markets. This means auditors get a more complete view of data, making it easy to reconcile datasets, check transactions against evidence, assess the entity’s controls, assess the consistency of evidence, and identify risks like related parties. And it performs data quality checks immediately so you don’t spend days attempting to reconcile a document only to identify the data is incorrect; you’ll know within minutes.
Engine B is the only organisation contributing to Microsoft’s Open Data Initiative for audit, making us an integral component to Microsoft’s vision for the digitisation of professional services. Collaborating with Microsoft also means that our audit software tools easily integrate with other Microsoft solutions such as Power BI and Power Apps.