The demand for data enabled solutions is getting stronger in the third line of defence, specifically in the internal audit and the external audit function. The need for a more contemporary audit approach to address audit risk is greater than ever before.
How do we transform our audit services to add more value and differentiate from our competitors?
Data enables PwC auditors to make better decisions faster and identify outliers. With data & analytics, there can be a focus on efficiency and quality whilst also providing a new way of seeing businesses, and it enables us to analyse 100% of transactions.
The following selected citations represent engagements where we have helped clients transform their traditional audit testing:
PwC provided data & analytics services in support of the statutory audit of a technology-led business process services company specifically on 100% of its payroll data. The team was able to identify an employee paid overtime of PHP661K which is 257% of its basic salary of PHP257K. PwC was also able to inform management of employees in the payroll but not in the employee master file and to provide insights on its employee turnover.
The statutory audit team of a semiconductor company included data & analytics in their audit approach on its accounts payable. Analytics was performed on the company’s vendor masterfile and payments data. The team uncovered 98 payments to five blocked or unauthorized vendors totalling PHP562M.
PwC partnered with a bank in Brunei’s internal audit group in providing an analysis on the transactions from Deposits, Loans, Treasury and Procurement division to obtain insights on the data which could lead to non-compliance with internal controls and to other red flags.