Conduct manual procedures within substantive testing up to 50% faster with DataSnipper

Challenge

The audit professionals at Hurst faced the challenge of their team having to conduct repetitive and manual tasks while conducting their routine procedures. This meant that they had to spend more time both inputting data and also then reviewing the given data, due to the increased risk of inaccuracies that is created through said manual processes. This was both inefficient and demotivating for the team.

"We’re thrilled to share how Datasnipper has revolutionised our audit work at Hurst. Thanks to its automation features like Document Matching and Form Extraction, we can fly through large data sets in no time and spot any errors with ease. This means we can spend less time copying and pasting, and more time doing what we love - auditing."

Tom Hooper

Qualified Audit Senior

Solution

The implementation of DataSnipper at Hurst in August 2023 facilitated them to conquer the above challenges by automating time-consuming tasks to increase productivity whilst ensuring consistency, transparency and accuracy in their processes. The team at Hurst can therefore ensure their focus is on the more important and value-adding areas for clients. Hurst witnessed considerable efficiency gains when implementing DataSnipper across procedures like Stock Testing, Wages Testing, Sales Testing and Accounts Reviews among others.

Business Case

Sales Testing

For Sales Testing procedures, the team at Hurst employs a combination of DataSnipper’s Document Matching, Form Extraction, and Snips to compile data from various documents for each item in their large sample, such as sales invoices, customer order documentation and proof of delivery quickly and accurately. Previously, this required manually locating the correct documentation and typing out relevant information into the work paper. This not only halved the time spent on these tedious processes but also significantly enhanced the reviewer's ability to follow the audit trail in greater detail.

Stock Testing

Utilizing DataSnipper’s Document Matching, professionals at Hurst can now quickly consolidate various forms of data, pinpoint specific lines in extensive stock ledgers, Excel breakdowns, and individual invoices to align with their samples. This efficient approach is aided by automatic cross-referencing that instantly highlights discrepancies, focusing attention on high-risk audit areas. A process that typically spanned several days manually is now accomplished in just one morning with DataSnipper, significantly accelerating and enhancing audit efficiency, allowing their team to spend their time on areas that require more professional judgment and application.

Wages Testing

With Form Extraction, the process of testing wage costs by extracting amounts from financial statements is greatly streamlined. The feature allows for efficiently extracting amounts from detailed payroll reports and then comparing it to those in the financial statements with Document Matching. This approach notably reduced the time taken for the manual processes in Wage Testing by over 50%, increasing their ability to focus on higher risk areas of the audit.

Accounts Reviews

DataSnipper’s Financial Statement has enabled improvements in financial statement review processes by instantly highlighting errors in mathematical accuracy, internal consistency, and prior year comparative figures. This, in turn, allows for more effective use of time and a focused review on key areas as opposed to time wasted on repetitive manual tasks.