summitBI Internal Audit Analytics software – transform your Internal Audit function

Do you want to accomplish more in a short time while focusing on the strategic high-risk areas? Do you want to attain the annual internal audit plans you deliver value to the auditee? Gift your organization with real-time 360 degrees self-service audit analytics software and focus the scare internal resources in critical high-risk areas. As companies explore cost-cutting initiatives, automating your internal audit processes to transform your internal audit assurance, governance, and risk advisory function is the way to go.

summitBI Audit Analytics suite is a comprehensive toolkit that comprises more than 200 data analytics tools that empower Internal Audit to conduct thorough data analysis for organizations big and small.

Our tools enable internal audit to perform robust analysis in real-time, a reporting basis, and/or on an enterprise-scale to ensure the entire organization is assessed. It connects to thousands of data sources from flat files, databases, web, active directory, cloud systems to a vast number of big data technologies.

The summitBI Internal Audit tool unlocks the power of Microsoft Excel, enabling it to connect to sources of all kinds, handle hundreds of millions of rows of data, generate robust reports and dashboards, and protect the integrity of your data while conducting this analysis. Thanks to our Python, VBA, and SQL skills, we can unlock for you unlimited models, analytics engine, and machine learning to give you insights that average tools cannot.

Connect to thousands of data sources and leverage them from big data audits. We use read-only access to your databases to unlock insights usually hidden in your data and enterprise systems. Data for internal auditors come from several sources which are both flat-file and real-time. In this age, there is a growing demand for auditors who can conduct continuous audits, which enables them to stay ahead of the anomalies affecting the organizations they work for.

Our Internal Audit solution gives you the power to connect to thousands of systems and files from Finance systems, HR systems, ERPs, database management systems, core banking systems to cloud solutions so you can do real-time audits. Save downtime for cleaning and structuring of data by 80%

Auditors work with a lot of data from a vast number of sources be it text files, CSV files, databases, ERPs, cloud platforms, the web, and other workbooks, the list is endless. However, on average, they spend 80% of their time cleaning and structuring this data to make it meaningful, while only 20% is given to analysis.

SummitBI Internal Audit Software empowers your MS Excel application with the features to automate your extraction, transformation, and loading of datasets of all sizes in a matter of seconds. From data cleaning, table restructuring, leading space elimination, formatting, to redefining your data, the tools to prepare your data have never been any better.

Uncover breathtaking insights in your datasets and systems to optimize resources and cover the surging risk. With the vast array of risk analytics tools embedded in the summitBI Internal Audit Software, we empower your teams to uncover important patterns in your datasets with robust tools in data modeling, visualization, analysis, and predictive design which give you a 360 degrees snapshot of your organizations’ risks and opportunities, as well as predict for you potential problems with red flags before the fraud or risks materialize. That is the future of internal auditing. Leaders want predictive analytics. They need internal auditors to anticipate and prevent bad things from happening. Without robust data-driven insights, it is difficult to do so.

With all these capabilities, we still value time. The processing time for all these instructions ensures it remains within the shortest time. Internal Audit scripts run for less than 4 seconds on average. We automate your financial, audit, and risk reporting to ensure you save time while adding value

SummitBI Internal Audit Solution automates the generation of your financial reports from three-statement financial models, Investment analysis reports, loan amortization reports, budget reports, volume analysis reports, trial balancing to full-scale audit analytics reports with robust models from Benford’s analysis, duplicate detection, gap analysis to optimized hedonic models. Save your company more than 80% of monies lost in revenue leakage anomalies.

SummitBI Internal Audit Software Features

summitBI Internal Audit software adds a vast number of custom tools based on your context and institutional setup to your Microsoft Excel application to ensure you conduct efficient both on a periodic and continuous basis. We ensure each tool is tailored to your organizations’ business model so that you feel at home while utilizing these robust but easy to use tools. Because we optimize your already existing MS Excel tools, you can scale the solution across your business since you already have the MS Excel license. You achieve much more, analytics on demand at no additional costs of on-going license renewals and maintenance.

Figure 1: summitBI Internal Audit tool features overview

Connection tools

summitBI DataConnector: This tool enables internal auditors to connect to any data source from text files, CSV, workbooks, pdfs to workstation folders with read-only access to ensure data integrity while giving auditors flawless access to the data.

summitBI Real-Time: This tool enables auditors to connect directly to their company core systems like Finance management systems, HR systems, ERPs, core banking systems, to mention but a few through its capabilities to connect to hundreds of databases, online portals, and/or various cloud solutions, to enable real-time analysis of datasets.

summitBI Audit-Trail: This tool enables internal auditors to retrace previously edited fields by enabling them to transition back in time and have access to all the instructions ran while cleaning and structuring the data they are analyzing. Also, it enables auditors to have read-only access to their systems even when offline to ensure they can conduct their audits offsite.

Extraction Transformation and Loading Tools

summitBI DataCleaner: This tool automates your cleaning of data by enabling auditors to remove unwanted characters, change their data into the right format, and extract relevant pieces of their entire data rather than having redundant fields.

summitBI DataStructure: This tool automates the structuring of your data by eliminating irrelevant rows and columns while ensuring they are all aligned in the right database structure prepared for analysis.

summitBI Transformer: This tool automates the transformation of your data into the right format, size, and ensures related data is consolidated for comprehensive analysis. With tools that enable you to append, merge, and parse data, the internal auditor is fully at heart.

Data Modeling and Analysis Tools

summitBI DataModeler: This tool enables Internal Auditors to perform robust data modeling tasks, relate different tables and systems together, and integrate external sources of data in your analysis. This tool will enable auditors to integrate time intelligence in their audits.

summitBI Data Analysis and Scripter: This tool is embroidered with a vast number of data analysis tools that enable statistical analysis from descriptive, predictive to prescriptive hedonic analytics tools. Several predeveloped scripts enable you to detect duplicates, gaps and conduct Benford’s analysis. A vast number of other tools are also embedded in this robust tool.

summitBI Data Processor: This tool enables Internal Audit to have flawless data analysis enabling high speeds of processing the data that comes in very fast while ensuring it refreshes the data at desired intervals, from your systems.

Data Visualisation and Dashboard Tools

summitBI riskHeatmaps: This tool enables Internal Audit to Conduct comprehensive risk analytics using dynamic heatmaps, conditional logic, and relevant measures to measure and assess risk in the most granular of areas in their datasets.

summitBI Interactive Charts: The internal Audit tool contains a multitude of charts and graphs that can be used to visualize data and unearth hidden anomalies in your data sets from bar charts, pie charts, binary charts, heatmaps, doughnuts, cashflow visualization charts, interactive bubbles, race tracks, radars, surfaces, conditional charts to geospatial heatmaps. We give you unparalleled power to do all kinds of analysis within your MS Excel application.

summitBI red flag detector: This tool will enable internal audits to visualize red-flags in a matter of seconds and expose areas of lead and lag in cases of performance audits, budget and volume audit, risk-based audits, and fraud assessment schemes.

Reporting and Sharing

summitBI Pivots: This tool enables Internal Auditors to leverage from 360 analytics using PivotTables to analyze big data in different dimensions and generate flexible ad-hoc reporting tools. They are embedded with predeveloped models for three-statement financial model reports, volume analysis reports, Benford’s analysis reports, trial balancing reports, to mention but a few.

summitBI online: We enable you to share your tools among departments with secure links among colleagues that are read-only for sharing dashboard reports. Also, the tools can be shared off-line with read-only capability when need be.

summitBI KPI: These tools enable you to benchmark your reports to targets, industrial averages, and other relevant standards to assess progress, lead and lag with just a click.

summitBI Preview Tool: This tool enables you to generate dynamic reports from your systems, flat files, and any other source to ensure you acquire automated reports on demand.

For a demo, contact us. Or use any contact points on this website.

Copyright Summit Consulting Ltd, 2020. All rights reserved.

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