A) How we work with clients?
Normally without data mining, we start our audit through review of financial details comparing current year figure with previous year’s figure and pick sample with high value of deviation. In simple way we can say that our review process starts from front view i.e balance sheet, profit and loss account or General Leger balance to analysis, compare and detect high deviations.
In case of a small file containing whole data of the enterprises, which can be understood or assessed easily, the full file shall be taken for data mining. However, in case of voluminous files with large number of data, we shall need to deploy a higher and more advance level of data analysis. In such cases, we shall use the following points in our approach for effective data mining:
- Understanding whole data with different types of files(Raw data)
- Filter all data files to usable File format(.txt to .xlsx)
- Complete understanding of usable file data structure i.e. field and records with type of field i.e. number, string, Memo, date etc.
- Finding Co-relation of these files based on our analysis approach.
- Creation of data files for analysis
- Different type of algorithm/approach applied on data files to draw most suitable or best sample for audit.
- Documentation of Reports
B) What we do best
- Data Mining for financial Sector Audits :-
In case of finance/bank industry DATA MINING, the bank audit is indeed a challenging audit because most of the financial frauds are linked with banks A branch audit is thus having more challenge because the system which is used by the bank as such are different, hence hand holding in banking system is a challenging task.
- Multiple Reports generation :-
Multiple reports with analytical reviews are generated combining different file and formats
- Assist in planning:-
It’s a boon to provide analytical reports in 3 minutes for any time barred project hence assisting in planning to complete it in timely manner
- Best sample selection :-
Data mining can be used most effectively through best data sample identification. Samples are drawn using our experience as well as available data analysis trend,. For an in-depth data analysis or for best Data mining, we need to understand the data structure and functionality of business structure.