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The evolving risk landscape and the increase in big data are impacting your controls environment. Due to the volume of transactions day-to-day, gaps and risks are become increasingly more difficult to detect.
With data & analytics, organizations can reduce the cost, improve the quality and enhance the efficiency of monitoring their processes end-to-end. The ability to increase the scope up to 100% of transactions allows for increased assurance in making sure that controls are designed, implemented and working effectively.
Through data and analytics, the impact or misstatement brought about by the error in the configuration of rates and price group tagging of the products of a financial technology company was quantified. The Php13,685 misstatement noted was below materiality level however, the impact could be significant had the configuration error not been noted early into the year.
Applying analytics over the revenue transactions of a telecommunications company uncovered that PhP14.8M worth of transactions within the past 10 years have been incorrectly recorded in the present year. Moreover, PwC discovered that the organization failed to consistently bill their customers on their billing schedules, resulting to a loss of Php14.9M.