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Wolters Kluwer Enables Audit Professionals to Minimize Risk and Save Time Through New Features in Its TeamMate Analytics Data Analysis Solution

Wolters Kluwer Tax & Accounting announced the addition of new capabilities to its innovative TeamMate Analytics solution used by external auditors at tax and accounting firms, as well as by internal audit departments in businesses and public sector organizations of all sizes around the globe. New features include enhancements to the Expert Analyzer that enable auditors to append data to combine multiple data files together; new tools that facilitate mining and analyzing the make-up of transactions; new capabilities to evaluate formulas with more than 1 million rows of data; and advanced summary features that enable auditors to create more flexible summaries of data and analysis within their workflows.

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“TeamMate Analytics is the first audit automation tool that simplifies audit test automation to the point that a data specialist isn’t needed to configure common tests,” said Cathy Rowe, CPA, CA and Director of Accounting and Audit Product Management at Wolters Kluwer Tax & Accounting North America. “It guides auditors through a structured process in Microsoft Excel, where the test is explained, checked for the right kind of data, executed, and then the results are also explained. Our customers are telling us that the time-savings is significant, for example, one firm shared that TeamMate Analytics brought a test that was about 1 to 2 hours down to a 10-minute exercise.”

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The TeamMate Analytics solution offers more than 150 tools specifically designed to meet the data analysis needs of CPA firm auditors, accountants, and internal audit and controls professionals. It supports analytic testing with configurable modules that automate audit tests. With the addition of Expert Analyzer there is a new level of flexibility, allowing the automation of multi-step analysis with an intuitive graphical workflow designer that supports multiple datasets and an import directly from a PDF. Accessed from within Microsoft Excel, the TeamMate Analytics solution includes powerful analytical tools such as gap and duplicate detection, Benford’s testing, Monetary Unit Sampling, and stratification.

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“TeamMate Analytics continues to evolve to provide audit professionals with the robust capabilities they need to provide deep, data-driven insights to their organizations or for their clients. Analytics is a cornerstone of a complete audit process and this innovative solution puts the power of audit analytics into the hands of every auditor, for every audit,” adds Colleen Knuff, CPA, CIA, CISA, CRMA, NPDP and Senior Director of Product Management at Wolters Kluwer Tax & Accounting TeamMate Global Audit Solutions.

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