Data is at the centre of financial reporting and the auditing process. It can tell you a lot, objectively, about your business – and helps you to build a picture of a moment in time, spot unexpected outliers and exposure points, as well as trends for future strategy development.


But it is often an untapped resource for your business, not captured completely and efficiently or harnessed to its fullest capacity to give you actionable insights.

Technology and new software is transforming the audit process: safeguarding and promoting transparency; enhancing accuracy and precision; and meaningfully impacting your decision-making process.

It’s a balance between accessing the right data analytics tools and technology for your needs and objectives, with an audit team skilled in asking the right questions and identifying what this data can tell you.

Digital-driven assurance

We embed advanced technology and innovative processes into our audits, allowing us to deliver high quality and value-enhancing insights while also reducing the burden on you. By combining predictive modeling, our advanced ledger analytics technology and artificial intelligence, our audits are known for:

Quality: When we use our technology to test full populations of data rather than using sampling, we bring more value to the audit.

Customisation: Our technology and experience enables us to tailor your audit to your highest risks and your industry.

Efficiency: We streamline our audit process through innovation, reducing the time and resources you spend gathering data and information.

Insights: Combining technology with our deep market and industry knowledge, we arm you with advice and analysis that matters most to your business and other stakeholders.

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A case by case approach

We draw from a range of innovative data analytics and automation tools, and build a personalised approach suited to your specific audit circumstances, and objectives.

Our core audit technology offering is embedded into our audit process providing a modern, and standardised approach. Our technology levearages capabilities including:

  • Streamlining project management with a singular collaboration portal, providing a secure and seamless method of communication between you and our auditors or other experts. You can also keep up to date on the progress of your audit.
  • Modernised data analytics - incorporating your data across the audit process and with other service lines to uncover personalied insights and add value to your business.
  • Embracing AI - we adopted AI to augment the review of auditors documentation, including use of textual and other document analysis - creating a customised audit for your buisness, industry and wider operations. Generative AI has been adopted to distill the collective knowledge contained in your vast quantities of underlying data.

Bringing your data to life

How people – and business leaders – consume insights is very individual. When the insights gained from data are not clearly articulated, it can be meaningless.

Advanced analytical techniques such as machine learning are the frontier of audit innovation in relation to adopting artificial intelligence. Investigating for relationships or patterns can be harnessed from the analyses of large data sets from the general ledger through to more unstructured data like contracts, invoices, banking data.

Emerging technologies together with our experienced auditors provides for an enhanced audit process, increasing our speed and accruacy in audit procedures whilst covering a larger extent of information than with manual efforts.

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Services and capabilities

Audit Data analytics

Enhanced decision-making in audits using high-quality data analytics. Reduced audit sampling, favoring whole population testing. Increased insights and value-add in audits.

Algorithm and model assurance

Evaluation of accounting data models and complex calculations in financial or management reporting. Our team evaluates or replicates your calculations to ensure they’re fit for purpose.

Process and technology analysis

Mapping data flows and business processes. Gaining insights into business functions and improvement opportunities. Supporting evaluation of data governance and quality frameworks.

Grant Thornton Australia

Insurance claims case study

1.
Background
Many insurers offer opportunities to improve policy holder experience by automating the claims management process. However, these processes can sometimes be vulnerable to exploitation by others.
2.
What we did
Many health insurance claims relate to ancillary benefits performed at small health practices, like dentists. Using an automated claims approval system, the claims can be processed at the time a service is performed for a patient.
3.
Value we added
Our Data Assurance team identified insurance claims outside normal business hours, helping management review processes and implement controls to reduce external fraud.
Revenue recognition model assessment

Revenue recognition model assessment

1.
Background
Our client, who had recently updated their sales and revenue platform, approached us to confirm their system is correctly applying the appropriate pricing and measurement in accordance with the revenue accounting standard.
2.
What we did
Our approach involved building a digital twin of the exisitng revenue recognition model to then process the clients transactions and compare to their systems calculations.
3.
Value we added
Resulted in a more valued outcome to the client by providing greater insight into improvement opportunities and higher precision on their systems performance.
Procure to pay analysis

Procure to pay analysis

1.
Background
A large manufacturing client requested deeper analysis into their procure-to-pay processes.
2.
What we did
The evaluation included related purchase and supplier masterfiles, banking information and contract registers and an examination of a years purchases against over 15 analytical routines to spot unusual transactions
3.
Value we added
The client used this information to further explore its operating procedures and identify best practices at the locations whose performance was better than expected considering the weather they experienced.
Risk based ledger analysis

Risk based ledger analysis

1.
Background
Our ledger analytics allows auditors to perform a better and more robust general ledger audit by evaluating over two dozen risk factors across the whole population simultaneously.
2.
How it works
Each transaction is computed a composite risk score and the most applicable risk factors are evaluated to identify the most significant transactions for investigation.
3.
Value we added
The outcomes include process improvement opportunities for the clients such as accelerating the time-to-close processes at month-end.
    Liam Te-Wierik
    Get in touch
    Liam Te-Wierik
    Partner & Head of Digital Assurance
    Contact Liam Te-Wierik Learn more about Liam Te-Wierik
    Liam Te-Wierik
    Contact Liam Te-Wierik Learn more about Liam Te-Wierik
    Liam Te-Wierik
    Partner & Head of Digital Assurance
    Liam Te-Wierik
    +61 2 8297 2493

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