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Industry Common Data Models

Industry Common Data Models illustration

Unlock access to client data

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.

A Common Data Model simplifies this process by providing a shared data language for business and analytical applications to use.

Industry Common Data Models

Engine B has been developing industry-specific Common Data Models for the professional services sector. 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 CDMs in different industries, such as professional services.

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.

Audit Common Data Model

Gain quick and easy access to one source of client data

Our Audit Common Data Model 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 our Audit Common Data Model

Gain quick and easy access to one source of client data

Market-leading innovation for professional services - Our collaboration with Microsoft, thirteen audit firms, end clients, regulators and investors mean we work openly. Clients feel safe that they experience market-leading innovation, with zero risks.

Microsoft plug and play - Our Audit Common Data Model is Microsoft plug and play friendly and easily integrates with other Microsoft solutions such as Power BI and Power Apps.

Intricate, contextual-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 a groundbreaking intellectual property for the audit industry.

Working with Microsoft and ICAEW

Microsoft is working on an Open Data Initiative to create industry accelerators (open-source industry-specific Common Data Models), for pharmaceuticals, healthcare, professional services and more.

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 CDM 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.

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