Audit Data Analytics is the flag ship solution of The Magic Data. The Magic Data offers a range of Audit Data Analytics solutions to help auditors and businesses make better use of their data in the auditing process.

Here are some of the Audit Data Analytics solutions offered by The Magic Data:

Data Extraction and Analysis

The Magic Data can help auditors to extract and analyze data from various sources to identify patterns and anomalies that may be indicative of fraud or errors.

Automation of Audit Processes:

  • Audit Planning
  • Resources Allocation
  • Audit Phases Tracking - Audit Preplanning, Field Audit, Post Audit, Report Circulation, Action Taken Reviews, ACM Reporting.
  • Real Time Audit Dashboard

End 2 End implementation of data driven Internal Audit:

  • Developing Exception Report, Red Flag Indicator Reports
  • Implementation of AI & ML into Audit process – Automation of Data Extraction from PDFs/Images and convert it into Excel/CSV format
  • Continuous Monitoring - The Magic Data can help Auditors to monitor business processes and other data on an ongoing basis to detect potential issues as they arise.
  • Anomaly Detection
  • Risk Assessment - The Magic Data can help auditors assess the risk of fraud, errors, and other issues by analyzing data and identifying potential risks.

Business Cycles The Magic Data cater:

  • Procure to Pay (P2P)
  • Order to Cash (O2C)
  • Hire to Retire (H2R)
  • Segregation of Duties (SoD)
  • Inventory Management

Benefits of Audit Data Analytics:

  • Improved efficiency & accuracy
  • Cost reduction
  • Continuous monitoring
  • Time saving in frequent analysis
  • Anywhere Audit