Using data analytics

At Bishop Fleming, we’ve been performing audits for years, and we’ve never been more excited about the value of our audits than today.  Our audit will be substantive in nature, focusing on the verification of year end balances and P&L trends. The substantive audit will be supported by use of our data analytics tools.

The demand, from clients, investors and regulators alike, for more forward-looking and insightful audits is increasing. With higher data volumes and the shift from manual to automated processes, companies are moving beyond the traditional audit activities toward an environment of more sophisticated analysis to derive more value from the audit process.

Clients now expect an audit to not only involve risk assessments, but are also looking for the audit to highlight potential areas of operational and business improvements.

Our data analytics tools use data obtained from you to perform complex data interrogation routines.  Results from our procedures are presented in dashboard visualisation help to easily understand and evaluate transactions failing each individual test.

Creating value

Creating value that makes a real difference to a client's business - year after year - is intrinsic to our audit approach.  At Bishop Fleming we continue to explore ways in which we can drive efficiencies in our audit process, whilst providing true value in terms of the insights we can give to our clients.

We believe the use of data-analytics provides us with a privileged insight into your business and we use this knowledge to add value through our more advanced data analytics tools, which use the fundamental principles of double-entry accounting. Through extracting data from your system we have the ability to analyse relationships between transactions, nominal accounts and balances, identifying the source and destination of transactions, so that more meaningful conclusions are drawn across a high volume of transactions where manual techniques would be impossible.

 

 

 
 
 

Our specialist Data Analytics Team

 
 
 

Data Analytics News

 

GDPR – reporting a breach of personal data

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The Information Commissioner’s Office (ICO) has provided some clarity on what action organisations will need to take under the forthcoming General Data Protection Regulations (GDPR) where there are serious breaches of personal data. The ICO […]

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Cybercrime – beware of fraudulent emails and letters

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Cybercrime is on the increase as reports of fraudulent emails become increasing commonplace. What can individuals and businesses do to protect themselves? There has been an increase in the number of reported phishing emails (and […]

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