The profession in times of digitisation

Digitisation also challenges the profession of auditors to think and act. The in-house conversion to new software or paperless auditing will not be enough to keep pace in the future. The audit approach and audit methodology must also make the leap into the digital age. Often the necessary IT expertise is not sufficiently developed within the firm’s own ranks to be able to meet clients at eye level. On the other hand, the client’s expectations of competent advice on IT issues are increasing.

Kleeberg as a strong partner

We are not only a competent partner for our colleagues at → Dr. Kleeberg & Partner, but also for all peers. We support you in fulfilling your professional duties and cover all IT-relevant areas that are important in a final audit with our risk-oriented audit approach. Of course, we also offer you our entire service portfolio outside the scope of a final audit.

With Kleeberg's support, we can also provide our clients with competent advice on IT issues.

To good cooperation

Crowe Kleeberg IT Audit cooperates with a large number of external peers. With our extensive portfolio, we can support you as an auditor, tax advisor or lawyer with specific IT questions that arise for your client.

IT system audits and data analyses within the scope of final audits certainly account for a large proportion of our services. This is why we present these two topics to you again in detail on this page. Often, however, there are also inquiries for extensive projects such as a process analysis or an IT due diligence. We will also be happy to support you as a partner in setting up or auditing internal control systems (including tax compliance management systems), an SAP authorization check or an ISAE 3402/PS 951 audit.

All the services we present on our website are also offered to peers, subject to the protection of the mandate. It does not have to be large projects, we support you even with small questions. After all, the client takes centre stage.

IT audit within the scope of the statutory audit

The use of IT always entails risks. It is therefore also the auditor’s duty to include the client’s IT systems in the assessment of the correctness and regularity of the annual and consolidated financial statements.

During an IT audit, we first carry out an assessment of the internal IT control system and determine together with you in which areas further audits are suitable. What is important to us here is direct communication with you and coordinated audit procedures. Only in this way can our findings influence your further audit activities.

Our final risk assessments and recommendations are addressed not only to you as the auditor, but also to your client. In this way it is possible to increase the benefit for the client through an IT audit and to ensure the long-term improvement of IT security.

Data Analysis

The areas of data analysis in the context of the statutory audit are not limited to a specific point in time or a specific audit area. In particular, data analyses may not be performed separately from the rest of the audit. Rather, it is important for the success of a data analysis to use it in a timely and targeted manner and to take the results into account when planning further audit activities.

Data analysis is often reduced to the analysis of journal data, so-called Journal Entry Testing. The findings from such analyses often seep away in the course of the audit, or the analyses are carried out far too late anyway. You are familiar with this procedure? We support you in considering which data analyses make sense at all.

If used correctly, data analyses can bring significant added value to the final audit. It is particularly important to us to replace or supplement classic audit steps with efficient analyses with the aim of proceeding more efficiently and achieving audit security in a better way.

Some of our areas of expertise in the area of pre- and main audit (analytical and specific audit procedures) are

  • Deferral
  • Inventory valuation
  • Revenue testing
  • Fixed assets
  • Counter account analysis
  • Interface analysis

Together with you, we discuss and plan an audit step in a targeted and focused manner. It is also important to involve the client at an early stage in the selection and provision of data. The knowledge gained from the data analysis should help you to plan further audit steps.

Book Tip

In March 2018, the second edition of the “Handbuch Bilanzrecht” (Handbook on Accounting Law) from the Bundesanzeiger Verlag was published. The handbook focuses on essential problems in connection with the accounting of small and medium-sized accounting firms and explains cases that go beyond the standard of accounting.

Martin Lamm, Managing Director of Crowe Kleeberg IT Audit, is one of the authors. The article “Data Analysis in the Audit of Financial Statements” deals with the opportunities and risks of data analysis in a modern audit of financial statements. Clear practical examples show the analysis process in different areas of application during the preliminary and main audit and describe the influence of data analysis on efficiency, security and quality in an audit.

→ You can order the book here

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