Unlock access to client data
Engine B is partnered with the Institute of Chartered Accountants in England and Wales (ICAEW). Collaboratively, we have created a new standard for the data that auditors can use that ensures completeness and accuracy – an Audit Common Data Model.
What is a Common Data Model?
Bringing together data from multiple systems and applications is an expensive and time-consuming task. Without being able to share and understand the same data easily, each application or data integration project requires a custom implementation, which can be costly and time-consuming.
Common Data Models simplify this process by providing a shared data language for business and analytical applications to use.
Common Data Models for audit and legal firms
Engine B has been developing industry-specific Common Data Models for the professional services sector, including for the audit and legal sectors. Our Audit Common Data Model works by providing a common data access platform that can be installed in any client environment.
We have been working with Microsoft, contributing to their Open Data Model Initiative to create open-source Common Data Models for professional services firms.
Why an Audit Common Data Model?
Regulatory pressures - The Competition Market Authority (CMA) wants to increase audit quality and competition levels.
Expensive and restrictive data extraction tools – These act as a barrier to entry for smaller audit firms.
Sporadic use of common data standards - Common audit data standards through AICPA are not widely used. Additionally, these standards do not cover unstructured data.
Lack of competition - Smaller audit firms cannot always afford expensive data extraction solutions, creating an unfair playing field.
Common Data Models - developed by auditors, for auditors
Gain quick and easy access to one source of client data
Our Audit Common Data Model has been developed by auditors, for auditors. It works by providing a common data access platform that can be installed in any client environment. It enables the interrogation and analysis of both structured and unstructured data. As audit firms roll out our Audit Common Data Model, competing firms and even non-audit services organisations can leverage the Audit Common Data Model in the same client site.
With our Audit Common Data Model, the data belongs to the customer, and it stays where it is – inside the company’s servers, whether in a cloud service, or owner-hosted.
Benefits of using Audit Common Data Models
Market-leading innovation for professional services - Our collaboration with Microsoft, thirteen audit firms, academic institutions, end clients, regulators and investors mean we work openly. Clients feel safe that they experience market-leading innovation, with zero risks.
Intricate, context-driven decision making - Leverage our Audit Knowledge Graphs that sit on top of the Audit Common Data Model to perform intricate, visual and contextual data analysis. This powerful duo creates groundbreaking intellectual property for the audit industry.
Working with Microsoft and ICAEW
Engine B is the only organisation contributing to Microsoft’s data project for audit, making us an integral component to Microsoft’s vision for the digitisation of professional services. Collaborating with Microsoft also means that our Audit Common Data Model easily integrates with other Microsoft solutions such as Power BI and Power Apps.
Engine B is also working with thirteen audit firms, AICPA, academic institutions and is supported by the Institute of Chartered Accountants in England and Wales (ICAEW). Collaboratively, we have created a new standard for the data that auditors can use that ensures completeness and accuracy – an Audit Common Data Model.