IDEA 11.1
Optimizing Audit Analytics
IDEA 11 gave auditors the tools for seamless collaboration with lightning-fast performance. IDEA 11.1 offers even more value by providing access to an array of new apps, more licensing freedom and flexibility, and the tools to automate basic processes for optimal efficiency. Here’s what’s new in this release:
IDEA LAB
IDEA 11.1 provides access to IDEA Lab, a portal to a growing library
of advanced audit technologies and prototypes, including:
• Integrated Python applications
• AI and machine learning-based prototypes
• Advanced audit analytic utilities
• Integration with external visualization tools, and more
SmartAnalyzer is a framework within IDEA that simplifies common audit processes for fast results and deeper insight. It provides access to dozens of useful apps with predefined workflows that make the audit process easy by automating tedious tasks so auditors can focus on interpreting results. Auditors now have direct access to SmartAnalyzer apps through 11.1.
SmartAnalyzer Apps
Exceptional Exceptions - General Ledger
IDEA subscribers will benefit from a growing library of SmartAnalyzer apps in Passport, the first of which is Exceptional Exceptions – General Ledger. This exciting new app leverages advanced audit intelligence and machine learning techniques to generate risk-based anomalies. This app includes 24 general ledger financial audit tests that are assigned a priority score based on the risk level for that particular company. By aggregating the results of each weighted test for each transaction, IDEA can identify the riskiest transactions. Auditors can then review these transactions and select those that include in an audit sample and explore risk areas that require more attention.
Task Scheduler lets auditors automate periodic manual tasks,
improving efficiency and freeing up more time to analyze results.
• Configure the system to run unattended manual processes, even
outside working hours.
• Set up email notifications for successful task completion or failure.
• Send analytic results, alerts, detected anomalies, etc. during
execution for real-time notification to managers, collaborators, etc.
Task Scheduler
Licensing Freedom
IDEA users now have greater licensing flexibility through two
licensing model types:
• Standalone Licensing (part of IDEA 11): User-based license that
can be activated online or offline.
• Network Licensing (part of IDEA 11.1 release): An on-premise
Network License Server that supports:
• IDEA deployments in virtual environments such as Citrix
• IDEA deployments in isolated networks without internet
connectivity, and for customers with a large number of users
who prefer to manage their licenses onsite.
Other Enhancements What’s New in IDEA 11.1 4
IDEA has made additional improvements to its solution, including:
- Cloud Share Support for External Projects and Shared Mapped Drives Previously, only IDEA-managed project files could be transferred or uploaded to the cloud using Cloud Share. Now, users may upload files from External projects.
- AuditFile Imports IDEA 11.1 now includes AuditFile Import Components.
- Auto-Renew IDEA automatically checks license renewal status, eliminating any user intervention once renewal is processed.
IDEA’s Exciting Existing Capabilities
Advanced Data Analysis using Python
A custom Python module that leverages Python
dataframe to provide access to IDEA data and allow user-created analytics and insights to return back into IDEA for review.
Open Database Connectivity Driver+
Import, analyze, and interpret the latest IDEA data for third-party applications that support ODBC, including Tableau, Power BI, MS Excel and more. With the ability to further analyze, interpret and reveal more valuable insights within your IDEA data, you are empowered to make smarter, data-driven decisions.
Advanced Fuzzy Duplicate
Identify multiple similar records within selected character fields to detect data entry errors, multiple data conventions for recording information, and fraud.
CaseWare Accounting Package Imports
Obtain data from supported accounting packages and standardize them into a single output consumable by IDEA. CaseWare supports various accounting packages, including Quickbooks, SAGE, ACCPAC, and others.
Passport
Access tutorials, sample scripts and custom functions found in Market Place, Forums, Script Vault, and Documentation pages
64-bit Computing
IDEA is now a 64-bit application that assures improved compatibility and interoperability, which lead to faster analysis boosting overall performance.
Visualization
Generate charts and field statistics within reusable dashboards and profile data to identify patterns, trends, outliers, and correlations.
Visualization
Generate charts and field statistics within reusable dashboards and profile data to identify patterns, trends, outliers, and correlations.
Benford’s Law
Spots irregularities by analyzing digits in numerical data to spot potential fraud. Advanced settings can be used to customize outputs and set parameters.
PDF Report Reader
The PDF conversion engine can handle complex PDF types and allows auditors to extract and save the plain text version from every PDF file imported. This saves time processing large PDF files.
Discovery
Identify trends and outliers and automatically populate dashboards that can then be further refined with IDEA’s Analytic Intelligence to
Working Papers Import Usability Enhancements
Select the engagement files you wish to import
into IDEA
Easy Installation of Apps & Scripts into IDEA Ribbon
Access and install apps and scripts created by
CaseWare audit experts. This API allows CaseWare audit experts to create apps that can be installed and found in the IDEA ribbon, including: Outliers (Machine Learning app) – IDEA Lab Fuzzy Join IDEAScript – IDEA Lab
Currency Converter IDEAScript – IDEA Lab
100 Audit-Specific Functions available in 12+ Languages
Provides 100+ audit-specific commands to perform tasks like duplicate detection, joins, gap detection, and more.