Video transcript: Understanding data flows and controls

Deepti:

Understanding the end-to-end data flows and controls is a fundamental part of the audit. It allows us to further refine the initial risk assessment and the overall audit approach.

But it can be complex, and if we’re doing it well, it could feel a bit uncomfortable.

At this point we've already taken a step back, looked at the big picture and analysed the risks; now our team asks the organisation to walk them through their business processes. 

We take an example of one transaction and follow it from start to finish. I look at all the parts of the process - the key interfaces, handoffs, contact points, what the controls are, and how we audit them. 

Oliver:

With the right mix of financial audit and digital skills we get a full understanding of the end-to-end data flows. This includes the key automated and manual controls that address financial reporting risks.

Whilst working on the audit of a bank for example, my team and I used technology to understand and confirm data flows and test automated controls within the bank's payment processes.  This involved obtaining every single transaction from the underlying systems and visualising the full transaction flow.

Crucially, this showed up a number of transactions that did not conform to the designed process.  We then focussed in on these high risk transactions and identified controls observations as a result.

Jagir:

We’ve developed the Revenue Transaction Flow solution to automate the testing of end-to-end revenue processes, reperforming all revenue transactions front-to-back in the audited period.

These technologies identify anomalies by analysing millions rather than hundreds of data points.

I’ve been trained in various automation and data visualisation technologies. I see it as part of my role to look for opportunities to automate audit tasks for improved accuracy and efficiency.

For me, it’s about improving quality every year; introducing new technology, doing things we haven't done before and delivering new insights. I’m encouraged to use my imagination to innovate continuously.

Oliver:

By combining the latest advances in technology with our expertise, we’re continually enhancing audit quality, reducing the impact on the organisations we audit, and delivering relevant insights.