Structured approach leading to accuracy and simplicity
Benefits of using OLAP technology include:
Audit Work Papers
These are easily updateable from one audit to the next and facilitates a smooth and efficient audit. Clients should encourage their auditors to use OLAP products for their audits as this could significantly improve efficiency and effectiveness of service. From one year to the next, auditors could automatically update year-end financial work papers.
Using OLAP can significantly reduce the clerical tasks associated with preparing entity work papers. This in turn, could result in reduced audit costs.
Auditor Interrogation and Consolidation Logic
OLAP provides for easy ad-hoc interrogation of financial database information and analysis of the entity consolidation hierarchical structures and their changes.
Late Adjustments Reflected Easily
Late adjustments can easily be reflected in the audit work papers and financial reports of organisations. The multiple reporting formats also ensures reduced reconciliation from the initial financial figures.
Added Value Audits
Using the strengths of OLAP tools would allow auditors to analyse and identify both business risk and growth areas on which to advise the client.