Like having an extra member of your engagement team…at a fraction of the cost

The Power of Data Extraction
Data extraction is a powerful tool that allows you to vastly improve the quality of audit evidence—at a significantly reduced cost. Specialized data extraction software allows you to access your client’s financial data electronically and, with the click of a mouse, download it to your own computer. Once you have this data, the software gives you the power to:

• Perform audit tasks automatically instead of manually. Tasks such as selecting samples or scanning populations for potential misstatements.


• Produce reports that contain only the information you need, in the format you need them in for audit procedures.


• Analyze data to gain a better understanding of your client and its business and where financial statement misstatements are most likely to occur.


• Perform automatic audit procedures that could prove impossible to conduct manually such as the review of journal entries required by SAS No. 99.

We provide audit firms with a complete, outsource data extraction solution. To learn more about our Data Extraction services, click here.

We also provide training on data extraction to help your audit professionals recognize the benefits of data extraction and data extraction software. To learn more about our training, click here.

The Implementation Problem
Recognizing the potency of data extraction is only half the battle. Over the years, AuditWatch has seen many auditors come to the understanding that data extraction is underutilized in their practice, but notice issues such as:

• They haven’t learned how to incorporate this tool into their engagements


• The personnel identified to be the “data extraction specialists” of the company either find they don’t have time for the additional responsibility or they leave, taking the knowledge with them.

Whatever the reason, the result is an initial surge in efficiency and audit quality and then, with a sometimes quick eroding of the requisite resources, a cessation of the program.

AuditWatch Solves the Problem
There is a better solution—outsource your data extraction applications to AuditWatch. We offer a trained, professional staff of auditors and technology specialists who dedicate themselves full-time to performing your firm’s data extractions.

How Does It Work?
We begin by consulting with audit department personnel to develop practical data extraction applications for a targeted group of engagements. Once the audit season is underway, we begin providing services to your engagement teams such as:

1. Obtaining the right client data files. If necessary, we work with you and the client to ensure you get exactly the files you need, when you need them.


2. Easy submission of data. You submit the data to a secure web site that we set up exclusively for the use of your firm. Our security protocols and the privacy of your firm’s own web site ensure that your client’s data remains secure throughout the process.


3. We run the software applications. Our data extraction experts manage the technical aspect of gathering the electronic data.


4. You read the results. It’s that easy. We perform the data extraction and return the results to your engagement team within a matter of days.

Benefits
Partner with AuditWatch for your data extraction needs and:

• Harness the power of data extraction without a significant up-front cost
• Eliminate the risk of having your technology expertise “walk out the door”
• Fully recover the cost of our service directly from your clients
• Free your staff from the mundane tasks of auditing and allow them to apply their knowledge and expertise in ways that create value for the firm and your clients

Link to Data Extraction PowerPlay here.