It's time for next-gen "tick and tie"! Auditors waste valuable time by using calculators, manually searching for errors, and comparing financial statements. The Financial Statement Suite automatically analyzes the financial statement and helps to both perform and document all financial statement procedures extremely fast, while relying on the auditor's judgement – improving standardization and the overall quality of service. In this blog, we are going to deep dive into what features the Financial Statement Suite includes and how you can benefit from it.
In case you are new here and don't know what DataSnipper is:
DataSnipper is an intelligent audit platform within Excel that accelerates the speed and quality of your audit. Specialized in automating and easily documenting tests of details, tests of controls, walkthroughs, and financial statement procedures.
What is the Financial Statement Suite?
Financial Statement Suite will help you accelerate your financial statement procedures by verifying mathematical accuracy, internal consistency, prior year consistency, and by doing version comparison.
How to check mathematical accuracy with the Financial Statement Suite?
Auditors waste valuable time by manually calculating the amounts in the financial statements. The mathematical accuracy feature on the Financial Statement Suite will automatically analyze the document for you and add suggestions of valid totals, exceptions, and deviations. This will help you to focus on the calculations that are inconsistent or other high-risk findings.
Auditors are always in charge of the audit procedures while using DataSnipper. After the analysis, you can use your professional judgement to verify the procedures. DataSnipper will help you by creating suggestion marks on the amounts. Simply mark them as validated or add comments. Take a look at this video to see how you can turn Mathematical Accuracy to your advantage during your financial statement procedures.
How to check internal consistency with the Financial Statement Suite?
No need to scroll up and down to verify internal consistency. With the new add-on module, DataSnipper has automatically matched amounts to their occurrences within the financial statement. Auditors can now focus on what really matters during their procedures. Take a look at this video to see how you can turn Internal Consistency to your advantage during your financial statement procedures.
Forget about 'tabbing' between documents to verify prior-year consistency: use the Financial Statement Suite!
When you import both current and prior year financial statements to the DataSnipper platform, Financial Statement Suite will compare and analyse corresponding amounts between two financial statements for you. Check out the article in our knowledge base on how to validate prior-year consistency!
All done with your financial statement procedure? Export to send out!
Once you are done with your tickmarks, findings, and comments on the financial statement suite, you can easily export your document as a PDF. The PDF document with your comments and findings can be viewed by anyone, optimized for easy client communication. To highlight your comments and findings, DataSnipper includes a summary page for your client to brief them about your findings.
Received adjustments from your client? Use version comparison!
New version changes? No problem! DataSnipper has highlighted every single change between two financial statements for you. The version comparison will help you to complete a very important task in a short time while increasing the overall quality of the financial statement.
Financial Statement Suite is an add-on module that runs in your DataSnipper Platform. To make use of the add-on, you will need to have access to the DataSnipper Platform.
Finally, we highly recommend visiting the knowledge base for how-to articles and videos to learn more about DataSnipper! Make sure to check out the Version 4.0 blog post, which touches upon the newest features and how you can benefit from those!
Curious how the Financial Statement Suite can bring value to your company? Check out BDO NL's success story on gaining 3x efficiency by using the Financial Statement Suite on their financial statement procedures.
Would you like to see the Financial Statement Suite in action? Book a demo today and our sales team will gladly walk you through the DataSnipper Platform!