Improve productivity to focus on complex, value-added analyses with intelligent automation

Highlights

• Save Time Repetitive, day to day audit tasks are now performed significantly faster with intelligent automation. ‍
  
  
• Improve Quality Automating data extraction and cross-referencing has helped reduce workload for the team. This allows them to devote more time in complex areas where they can conduct more analytical work.
  
  
• Maintain Accuracy DataSnipper streamlines reviews with an easy-to-navigate audit trail. Reviewers can quickly verify sources, comment, and validate work in Excel, minimizing communication loops.

Challenge

The firm faced challenges in managing a high volume of documents and data, requiring a more streamlined and efficient approach to handle repetitive tasks like data collection and analysis across multiple entities. They needed to rationalize the volume of documents processed, reduce the number of manual inputs in the data feedback process, and ultimately improve team productivity, allowing them to focus on more complex, value-added analyses. Recognizing the evolving demands of the business, the firm sought to integrate new technologies into their procedures to address these needs.

"The deployment of DataSnipper marked the shift towards audit digitization within the firm. DataSnipper is part of our day-to-day audit procedures, regardless of the status of the team, the legal structure, the activity or the size of the entity audited, we use it in all our work. As it's an Excel add-in, we were able to use and adapt the worksheets already available at the firm. As well as saving time, DataSnipper also improves the quality of our work."

Pauline Davanzo

Partner

Solution

In January 2023, the firm decided to integrate DataSnipper into its audit procedures. The objective was to:

• Transform data into usable information in existing worksheets
• Improve file classification and referencing
• Minimize the risk of human error by automating the data verification process
• Improve the quality of work by automating and gaining in productivity and efficiency on tests carried out
• Automate reconciliations
• Refocus audit work on higher value-added tasks
• Streamline reviews

The Form Extraction feature significantly reduced data processing time, allowing the firm to handle large volumes five times faster than before. It has been transformative to extract data from hundreds of PDFs directly into Excel files for account reconciliation. Automatic cross-references to the PDF source documents have also made reviews more efficient. The full range of Snips - Text Snip, Validation Snip, Exception Snip, and Sum Snip has now become integral to the audit team's daily workflow. These features are particularly valuable for tasks where standardized extraction models aren’t applicable to audit procedures.

Use Cases for Key DataSnipper Features

Invoice Extraction and Document Matching

Invoice Extraction is used for detailed testing of purchases. The aim is to match FEC lines, previously selected by the firm's selection methods, with purchase invoices retrieved in PDF from the customer. Extracted data includes key data fields like Invoice date / Customer name / Supplier name, etc. that are effortlessly captured by the feature. The feature has streamlined the automatic reconciliation of hundreds of accounting lines and invoices, enabling the audit team to concentrate on the anomalies to be analyzed and to go further in the audit process. Document Matching is also used for all tests involving a high volume of similar PDFs. For example, the extraction of data from DSNs, bank statements, sales invoices, delivery notes, etc.

Version Compare

Version Compare enables the firm to compare financial statements in record time and ensures that no unsolicited changes have been made to the document. Changes between versions are recorded in an Excel file, in which the auditor makes comments to support their work.

Implementation and Training

Access to DataSnipper Academy enables newcomers to the firm to benefit from training in the operation and use of the tool, enabling better appreciation when putting it into practice.