Data Assurance

Data integrity is a key concern for all businesses. Businesses and auditors constantly make decisions based on the data held within the IT systems.

As systems become more complex and fundamental to the operation and direction of the business, the importance of the underlying data and the information it generates has never been greater. Organisations need to feel confident that the information can be relied upon to make decisions, highlight opportunities and identify risks. We help our clients get comfort over their data and gain assurance that it meets their business needs.

 

Potential Issues:

  • Your business relies on reports generated by systems that are not controlled by the central IT function (e.g. spreadsheets or user configured reports).
  • The quality of information generated by IT systems is not considered reliable, reflecting underlying difficulties with managing data.
  • Systems are being replaced or upgraded and the complete and accurate transfer of good quality data is fundamental to the success of the implementation.
  • Your business believes that it has the data to improve decision making but due to the volume, complexity or spread across systems, is not getting the maximum value from it.

 

How we can help you

Risk Assurance Consulting (RAC) makes use of Computer-Assisted Audit Techniques (CAATs) which provide a means of accessing large amounts of data in a format that can provide transparency not attainable through other auditing procedures. The use of CAATs increases audit effectiveness, improves efficiency and decreases the audit risk.

With the use of a specialised software tool, our team can provide organisations with a unique and powerful combination of data access, analysis and integrated reporting. Using the specialised software tool our experts can access and compare enterprise data, flat files or relational databases, spreadsheets, report files, on PCs or servers, allowing the source data to remain intact for complete data quality and integrity.

The services include a full range of analytical tests from simple classifications to complex calculations across all areas of external audit including ISA 240 (review of Journal Entries). Refer below for examples of capabilities:

  • Review of the underlying data to ensure it is fit for purpose (reporting, decision making, analysis).
  • Identify the business impacts of poor quality data.
  • Design auditable, supportable programmes to analyse and aggregate data from disparate systems and sources to assist in providing information previously hidden from the organisation.
  • Review and support in respect of data migration projects.
  • Analyse data more quickly and efficiently.
  • Rapidly analyse transactional data in files of any size to ensure 100 percent coverage (can be used to test / re - perform system interface input or data comparison).
  • Produce easy-to-understand reports.
  • Identify trends, pinpoint exceptions, and highlight potential areas of concern.
  • Locate errors and potential fraud by comparing and analysing files according to the end-user criteria.
  • Identify control issues and ensure compliance with International Standards on Auditing.

Contact us

Vassilios Vrachimis

Partner, Advisory, In charge of Banking, PwC Cyprus

Tel: +357-22555128

Follow us