Improve audit quality and detect hidden risks, faster
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.
Intelligent audit data solutions
There’s an increasing amount of regulatory pressure to improve audit quality and open up the market to smaller audit firms. This is resetting expectations around the use of digital technology as an enabler for achieving these improved standards.
Regulatory and data challenges
The audit sector is changing. Auditors must get to grips with regulatory changes and data challenges and open their minds to using audit data solutions to deliver higher quality audits.
- There’s increasing pressure from regulators - Regulators, such as the Competition and Markets Authority (CMA), are calling for improved quality of services and increased competition. The Financial Reporting Council (FCA) has also had its say, instructing the Big Four to split audit and consultancy arms by 2024.
- There’s sporadic use of common data standards - Common data standards (AICPA) and SAF-T) are voluntary and not widely used and don’t cover unstructured data, such as emails, PDFs – all crucial to getting the big picture throughout an audit process.
- ERP versions are abundant with differing quality - There are many conflicting definitions and standards when it comes to data. And the process of obtaining client approval for the provision of data to the auditors is time-consuming. Every time an audit is performed, this time-consuming, inefficient data extraction analogy is applied.
- There’s a lack of competition - The choice is too limited with the Big Four audit firms conducting 97% of the audits of the biggest companies. Smaller audit firms cannot always afford expensive data extraction solutions, creating an unfair playing field.
Audit Common Data Model - made by auditors, for auditors
Engine B’s 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’s unique in that is 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.
Audit Knowledge Graphs
Our Audit Knowledge Graph sits on top of our Audit Common Data Model giving auditors everywhere one, universal source of client data (structured and unstructured) that can be interrogated and analysed. The Audit Common Data Model creates not only a base layer of data quality but universal data standards, thus enabling industry-wide decision-intelligence. This uniquely powerful combination supercharges audit services.