Audit Data & Analytics

Data & Analytics (D&A) is the key to unlocking the rich information that businesses hold. By effectively interrogating and understanding data, companies can gain greater understanding of the factors affecting their performance – from customer data to environmental influences – and turn this into real advantage. Data & Analytics is helping businesses to become smarter, more productive, and better at making predictions.

D&A also has the power to enhance the assurance process. At KPMG we have been using D&A for many years to effectively utilize the data our clients hold. Over time we have developed a series of software and tools that integrate into our audit, giving us the ability to study entire data populations and that help us to better identify risks and investigate anomalies.

Now we have taken this innovation to the next level. We have developed an audit process that is built with D&A at its heart - delivering a dynamic audit that delivers hindsight, insight and foresight.

Audits have traditionally focused on looking back; analyzing transactions and other data from past activities. While audits enhance confidence that financial statements comply with standards governing their preparation, they do not release the value of data.

Using D&A we make the analysis of the past more insightful. Rather than sampling transactions data to test a snapshot of activities, we can now analyze all transactions processed, allowing us to identify anomalies and drill down on the items that show the greatest potential of being high risk. Our systems automate this process, increasing its ability to produce high quality audit evidence.

This level of analysis means we can more easily identify trends and anomalies for further investigation. It allows us to give organizations greater insights into their past performance. And this in turn enables them to take stock of their processes and activities and adjust them to improve performance.

For an organization to really understand its performance, it must look beyond the figures – and measure successes against those of peers and the best in the world. KPMG audits provide the opportunity and ability to make this comparison.

We use industry-specific data and analytic models to provide benchmarks and identify patterns against which we can compare your organization’s operations. We give you the information you need to measure performance against industry peers and we benchmark data on operational KPIs. We provide perspectives on performance related to consumer sentiment so you can assess the impact on sales and operational activity.

As well as benchmarking, we look in depth at the data, discovering complex patterns, making sense of them, and identifying anomalies. We use this information in our audit of the financial statements and to generate meaningful, useable insights – that give organizations invaluable information on which they can act to gain real advantage.

The future can’t be predicted – but having a view of what it is likely to bring can make all the difference. By looking ahead and anticipating scenarios, an audit can play a major role in identifying the future risks facing an organization and quantifying the impact they could have on performance. It can also help to identify opportunities, giving organizations the foresight to take advantage.

Through predictive analytics, using historical performance trends and giving effect to current market events, we believe we are better prepared to assess future performance. Through correlative data (macro and microeconomic indicators) we can assess predictive performance and, where appropriate, share sensitivity analysis with management and the audit committee.

A KPMG dynamic audit gives our professionals the space to focus on every step of the process, from planning to completion. They can bring their judgment to bear on higher risk areas, rather than being held up in the analyzing of data. This broader view means that they can identify trends, risks and opportunities. These insights give organizations the information they need to better anticipate possible futures and to plan ahead more effectively.