Data analysis has become indispensable for many industries. It is firmly embedded in the way many companies do business. Most companies use the power of data analytics to study customer behavior and manage the progress of most business processes. This provides opportunities for companies to offer services in this domain. One of those services is financial auditing. Auditing companies can truly take advantage of this opportunity as technology evolves and advances in the near future. However, the key reasons why audit service providers should gravitate toward data analysis are listed below.

1. Volume of data: Traditionally, companies that offer services to review financial data are traditionally used only to test data entries based on certain data, since it is not possible to review all data manually. This left a huge gap in the analysis that was done, even if it was done by CPA certified professionals. The data analysis approach enables such teams to test all the data extracted from their customers' ERP systems and provide much more conclusive analysis in a much shorter response time.

2. Sensitive nature of the data: recent times have shown how important it is to have adequate checks and balances in the financial industries. Even small discrepancies over time can affect the lives of many people, as happened during the 2008 financial crisis. Even at the level of public companies, it is important to ensure that companies do not engage in illegal financial activities to induce in error. shareholders and stakeholders.

3. Additional revenue stream: Most companies can generate new revenue streams by promising much more comprehensive audit reviews for their customers. The inclusion of data analytics to support the audit approach enables companies to offer a wide range of services to their clients. It serves both businesses and customers well. It enables companies to increase the scope of the audit and clients can be informed in time to take corrective action.

Audit firms are in a very advantageous position to take advantage of all the advances in the field of data analysis. Not only can they vastly improve their existing processes to provide much more conclusive analysis, but they can also drive innovation to deliver a variety of new services to their customers. It is a win-win for everyone involved in this game. It is just a matter of aligning the ducks.
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Author's Bio: 

Sensitive nature of the data: recent times have shown how important it is to have adequate checks and balances in the financial industries. Even small discrepancies over time can affect the lives of many people,