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  • Essay / The auditing software tool to streamline effective and efficient internal and external audits

    TeamMate AnalyticsThe TeamMate Analytics data analysis program is an auditing software tool designed to streamline effective and efficient internal and external audits . TeamMate Analytics software is used in more than 70 countries around the world and serves more than 100,000 auditors and 2,500 organizations ranging in size from individual accountants to large accounting firms; Major clients include Cincinnati Financial, ORIX USA Corporation, Officer of the Auditor General (State of Michigan) and the software is recommended by Baker Tilly International for use by its members. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayTeamMate Analytics is based on Microsoft Excel and Microsoft Office and does not require scripting, allowing listeners with little knowledge in computer science to run the program. TeamMate runs on Excel, opens a new workbook in the datasheet and adds a toolbar to clean and manipulate the data before performing analysis. Standalone analysis tools are available for items such as: gaps, duplicates, sampling, etc. After cleaning, the built-in modules cover the following topics: expenses, inventory, journals, assets, payables, receivables, human resources, payroll and sales. TeamMate also allows you to create custom modules via a script written using the program's language, which can then be shared throughout the organization. Analytics is about improving and managing all aspects of the audit process. Audit files can be accessed simultaneously by multiple people in different locations, with an advanced replication feature allowing data review without interruption to current work. Key security features include encryption and compression of data used for audits. The program's test library includes 200 audit tests, most of which are customizable and come with an explanation of how to perform the test and the best interpretation of the results. Analytics include running advanced data analytics, making it easier to analyze and determine when analytics are needed. 100% of a population is audited using TeamMate, during which the program highlights each potential problem or anomaly and searches for the root of the problem. The program was designed to require no scripting, making it easy to use with point-and-click actions. TeamMate is compatible with most browsers and devices and displays data in the best viewable format for each device. Cloud access allows data to be accessed anywhere and at any time. The pre-built modules and test library help determine when performing analyzes are suggested by producing test results that are displayed in auditing language and terminology and ready for use in subsequent investigations. Data preparation tools used before data analysis include: Import Wizard, Manipulate Fields, and Sheet Checker. The Import Wizard allows conversion of print reports, PDFs and Word documents to Excel format. There are 36 manipulation fields that can modify data by removing spaces, separating or combining fields, normalizing fields, etc. The Sheet Check tool examines the imported data for problems and removes them for you so that all data is clean. A complete audit trail