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Meet thedatajune2014

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Presentation Pieter de Kok, MeetTheData, about the future of audit.

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Meet thedatajune2014

  1. 1. Meet The Data 19 juni 2014 AccountancyExpo Drs Pieter de Kok RA
  2. 2. HOW FAR AWAY IS THAT DOT AT THE HORIZON?
  3. 3. “Future of Flying”
  4. 4. To the moon and London to Sydney in just two hours
  5. 5. FUTURE OF HIGHWAYS By Daan Roosegaarde
  6. 6. OUR AUDIT WORLD TODAY
  7. 7. Limited ‘BI’ & data awareness in audit & reporting domain Limited standardisation, low efficiency in adopting new analytics technology IT tools are all over the place, no integrated approach A lot of talking… Low added value perceived by clients, low fun factor experienced by teams Current General landscape Assurance services
  8. 8. DISCLAIMER
  9. 9. Key Objectives of CONEY today Provide for Smart & Easy analytics Innovate our assurance proposition Operating an Analytics platform Connectivity to the max “Automate routine activities” Get closer to our clients Identify new service opportunitiesData- Analytics Process Mining
  10. 10. TODAY Data-Analytics Basis Deliverables Business Trends & Developments reporting Workflows audits through process mining Online dashboards for presentations Audit Alerts & Exceptions Periodic ‘Automated’ audit procedures Starreveld based auditing – ad hoc
  11. 11. Purchasing   Hours  x   Freelance  Rate   Sales   Hours  x   Sales  Rate   Cash   Receipt   Cash   Disbursment     TEMP   services     Cash   Payables   Receivables  Close   To  Real  Time   Audit Approach Today
  12. 12. PROCESS MINING TODAY TODAY PROCESS MINING
  13. 13. TODAY Basis Deliverables Connect with digital files Exception management Connectivity Connect to different source systems XBRL/SBR/Audit files Open source systems
  14. 14. Bron: Nellissen en Belt, MAB, juni, 2014
  15. 15. NEXT 3 TO 5 YEARS
  16. 16. THE EYE OF AUDIT DISRUPTION
  17. 17. NEXT 3 to 5 YEARS Use open data, build smart, big data solutions for clients Share new business insights to your clients Extend insights to wider group of stakeholders by opening platform Provide your clients access to an Analytical Platform Monitor Business Performance Increase of Advanced Business Analytics in Audit Further integrate statistical analytics
  18. 18. Invest in global research to develop true automated audits INVEST NEXT 3 to 5 YEARS
  19. 19. We need to build Audit Data Standards…. Around NEXT 3 to 5 YEARS
  20. 20. Build New Audit Data Standards (powered by the WHO?) Create a COMMON DATA STORE and it is about the question ‘WHAT DATA DO WE NEED PER KEY PROCESS’ NEXT 3 to 5 YEARS
  21. 21. We will see more Advanced Analytics TRADECOMPANY3.0 NEXT 3 TO 5 YEARS
  22. 22. Enterprise Data (xyz) Enterprise Data (xyz) INPUT Business   Risks   Controls Analytics OUTPUT Data Extraction VisualisationData-Scripts & Events Logs Tableau ACL Based Online Data- Analytics ALLINCLoudAUDITS Datafactory NEXT 3-5 YEARS
  23. 23. NEXT 3 to 5 YEARS MORE STEPS TOWARDS INTEGRATION PROCESS MINING AND DATA- ANALYTICS Controls Performance Business Improvements Process Redesign Risk management
  24. 24. NEXT 3 to 5 YEARS True Revival of Dutch Audit Methodology Starreveld
  25. 25. NEXT 3 -5 YEARS
  26. 26. NEXT 3 -5 YEARS
  27. 27. And integration of predictive analytics in audits.. TRADECOMPANY3.0 NEXT 3 TO 5 YEARS
  28. 28. Examples predictive analytics in audit TRADECOMPANY3.0 Company 1 Company 2Company 3 PREDICTING CASHFLOW MOVEMENTS PERFORMING STRESS TESTING
  29. 29. Online Audit Files with a lot of APPS NEXT 3 to 5 YEARS
  30. 30. LOOKING AHEAD BEYOND 5 YEARS
  31. 31. BEYOND 5 YEARS PROCESS MODEL FACTORY RETAIL PRODUCTION PROFESSIONAL SERVICE COMPANIES ETC Procurement Sales Cash Payments Cash Receipt Top Cycle Approach Examples:
  32. 32. PROCESSFACTORY PROCESS MINING FUTURE 1.  Global Upload SOLL Best Practice Process Models (based on Starreveld) by students, auditors and business 2.  Global Download SOLL Best Practise Process Models 3.  Automated SOLL and IST Process Mining comparisons 4.  Best Practice Sharing through the Process Factory resulting in rating Best Soll Models.
  33. 33. BEYOND 5 YEARS SIMULATION CONTROL FRAMEWORK PROCESS MINING IMPROVE CONTROLS IMPROVE EFFICIENCY MANAGE RISK REDUCE COMPLIANCE COST Procurement Sales Cash Payments Cash Receipt WHY SIMULATION
  34. 34. BEYOND 5 YEARS ASSURANCE ON DEMAND (XBRL Driven) Same Data, different presentation formats Same Data, different Assurance levels Focussing on specific interests, by specific stakeholders Beneficial for small & mediumsized companies Assurance On Demand:
  35. 35. BEYOND 5 YEARS CONTINUOUS STORY TELLING Socially Focused Using New Media Extended Audience Advanced Visualisation Continuous Storytelling
  36. 36. BEYOND 5 YEARS We will see Channel Assurance FRANCHISE
  37. 37. INSURER BROKER VALUATOR policy premium damage report request report policy w/o premium premium w/o policy EXCEPTIONS Algorithms Monitoring the Channel of Companies ACROSS THE CHANNEL ASSURANCE
  38. 38. BEYOND 5 YEARS How will Internet of Things impact Process mining?
  39. 39. BEYOND 5 YEARS Gamification & Audit Education
  40. 40. At the end…we will see: Integration Data-Analytics & Process Mining new tools 3.0 BEYOND 5 YEARS
  41. 41. WE NEED A AUDIT LAB RIGHT NOW!
  42. 42. Questions!?

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