Page 238 - CA Final Audit Titanium Full Book. (With Cover Pages)

CA Ravi Taori
CaseWare
CaseWare is more than just a data analysis tool; it's an accounting and auditing solution that assists in the
preparation of financial statements and direct connections to accounting software.
Example
CaseWare provides the solutions to build accounting software which turns any document, including financial
statements into cost effective client ready report. It automatically links to client data and securely communicate
with the client in real time. Regardless of location, all authorized users have access to the same documents.
Consistency of data is ensured.
ACL
ACL is particularly designed for auditors with features tailored to audit-specific tasks.
Example:
ACL (Audit Command Language) is used to analyse and check complete data sets to perform Trial Balance
reconciliations during the Audits. In such case scenarios, the entity provided the General Ledger dump and
system Trial Balance. Using ACL, the completeness of the data can be ensured as the data set exceeded beyond
the capacity of the excel and basic functions like record count, sum, pivoting can be performed within ACL
where excel could not perform such actions.
Alteryx
Alteryx is known for its data blending and ETL capabilities, enabling auditors to gather and cleanse data from
disparate sources.
Example:
Alteryx is used for logistics organization to recompute the revenue entries recorded by the system to match with
the financials that showcased the expected revenue turnover. Due to Alteryx’s processing speed and ease to
implement functions, auditors could perform re-computation for all the transactions entry and noted that the
revenue was being understated as the expected revenue was more than the actual calculated. This was due to the
fact that the addendum between the logistic company and the client was not revised in the system and old
versions of rates were used to compute the revenue. Alteryx helped in analysing and recomputing the huge data
set and to focus on actual risk.
Power BI –
Power BI excels in visualization, real-time dashboarding, and data sharing.
Example:
Power BI dashboard used for checking the outliers of the apparel company. Auditors were required to analyse
the trends of the sales during the year. By the use of Power BI, the sales data provided by the client was further
converted into a dashboard to analyse the trends and patterns as per the market standards. In analysis performed
on untimely sales, it was noted that sales transactions were performed during non-business hours. Illustrative
charts below which were utilized as part of the analysis by the auditors.

(CNO DAA.260) Automated Tools In Audit
(Shortcut: BRAIN)

Blockchain
Robotic Process Automation
AI (Artificial intelligence)
Internet of Things
NFT (Non-Fungible Token)
Internet of Things
- Definition: IoT involves connecting devices, such as cell phones, appliances, and machines, to the internet.
- Key Components:
- People & Process

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