CaseWare IDEA is a data analysis and data extraction tool supporting audit processes. IDEA integrates with various solutions to make obtaining and exporting data easy, such as SAP solutions, accounting packages, CRM systems and other enterprise solutions for a single version of the truth.
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Ideagen Internal Audit
Score 7.3 out of 10
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Ideagen Internal Audit (formerly known as Pentana Audit) is a SaaS or on-premise platform that gives users oversight and control of internal audit activity. It is used to limit a company’s exposure to risk, and to provide assurance through a complete audit management workflow.
One example of specific scenario in [CaseWare] IDEA is the ability to run samples separately and then based off of the results, compare and contrast the values recorded and easily discern if there are any variables or discrepancies within the data itself. Also, we can test journal entries with certain parameters to check the audit for any issues that may arise pertaining to the criteria. By testing, we are able to make sure the data is accurate and sufficient.
Easy to use and can be customized at certain level[s] based on the organizational requirements. Availability of customized report[s] and metadata to be included in the report generation. Comprehensive risk assessment module and questionnaire tracking for the audit feedback. Centralized directory to store the data and share across the audit department or with specific auditor.
Can use on large quantities of data and quickly analyze them.
Uses logic that can be followed if one is an auditor. I, for example, could understand the logic in a number of samples, i.e how the number of samples thrown changes when risk changes from low to moderate in proportion taking in consideration the materiality.
Other audit firms are using 2 software for the process that IDEA alone can do. So IDEA has a definite advantage here.
Pentana Audit team is very much supporting and have centralized ticketing system with trail of correspondence for the resolution of the issue. Follow-up emails, WebEx session to understand the real issue and provide the appropriate solution timely.
I have used Microstart and would definitely vote for IDEA because IDEA combines what Microstart does with the help of one/more softwares. Where Microstart just gives a number of samples, IDEA selects the number of samples based on materiality, risk, and other factors. It selects those samples from the population leaving out line items that are invalid/ zero. I would prefer using IDEA any day.
