How to Download Statistical Audit Automation: Applying Artificial Intelligence Techniques MOBI
All business can profit from conducting internal audits of their accounts and customers. It is always wise to monitor the life blood of a business in more depth than can be derived from general accounting reports. To many frontline business managers, audits are tedious and time consuming, time better spent selling. The importance of regular auditing cannot be overstated. A good audit is not only able to clear a company’s issues quickly, but also helps improve the company. Although the main reasons for a financial audit have to do with business and legalities, the psychological aspect is very important when dealing with other entities, such as banks, clients and shareholders. Conducting regular audits will generate more confidence from employees as well as from government institutions.What is needed is a way to make inroads on the time issue. Using regular timely random samples allows the business manager to deal with small workable subsets of account data representative of the total book. The Auditmetrics Software included with this book generates a sample that meets all statistical analytic standards. It was originally developed for the Massachusetts Department of Revenue, Audit Division, for sales tax audits. Commonwealth of Massachusetts law mandates statistical audits conform with IRS statistical standards for the audit.The other time saver is the Auditmetrics AI assistance feature that makes it possible to rapidly sample an account. Like in polling, the business manager sets the margin of error and the system guides the process to the final sample. Included with the random sample is documentation of the validity of the sample and a working spreadsheet to record results. All spreadsheets are generated by the software. The process is like hooking up a monitoring system. What is left to do is the detective work that is dependent on the skills of the business manager/auditor.The included software is the learning small business version with no license fees. It has the same functionality as Professional v6.2 that has been certified by the Microsoft Store for the Universal Windows Platform. The only difference between Small Business V6.2 and Professional V6.2 are file size and time limitations and some forensic accounting features. MS Windows and MS Excel is a requirement.
