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CaseWare IDEA

CaseWare IDEA

Overview

What is CaseWare IDEA?

CaseWare in Ontario offers IDEA, a data analysis and data extraction tool supporting audit processes. The vendor states IDEA integrates with various solutions to make obtaining and exporting data easy, such as SAP solutions, accounting packages, CRM systems and other…

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Recent Reviews

TrustRadius Insights

Users have found that the software enhances their efficiency in conducting audits by providing a comprehensive suite of integrated tools. …
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IDEA: the auditor's friend

9 out of 10
September 04, 2020
IDEA CaseWare is used by the audit department majorly in sample selection on which audit procedures will be performed. Many parameters …
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Pricing

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What is CaseWare IDEA?

CaseWare in Ontario offers IDEA, a data analysis and data extraction tool supporting audit processes. The vendor states IDEA integrates with various solutions to make obtaining and exporting data easy, such as SAP solutions, accounting packages, CRM systems and other enterprise solutions for a…

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Details

What is CaseWare IDEA?

CaseWare IDEA Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Reviews and Ratings

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Attribute Ratings

Reviews

(1-2 of 2)
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December 10, 2020

CaseWare IDEA Review

Score 8 out of 10
Vetted Review
Verified User
Incentivized
[CaseWare] IDEA is primarily used within our Audit Department to perform a variety of different task and procedures. [CaseWare] IDEA allows the audit team to customize the parameters to be considered and allows them to tailor directly to the client they are working with. They are able to look at items such as the gross positive/negative or the total amount of population. They are also able to look at different audits performed in the past.
  • Easy to setup and learn
  • Ability to calculate and analyze large amounts of data inputted
  • Customization on a case by case basis
  • Bit of a learning curve for the advanced features as a beginner.
One example of specific scenario in [CaseWare] IDEA is the ability to run samples separately and then based off of the results, compare and contrast the values recorded and easily discern if there are any variables or discrepancies within the data itself. Also, we can test journal entries with certain parameters to check the audit for any issues that may arise pertaining to the criteria. By testing, we are able to make sure the data is accurate and sufficient.
  • We were able to save time by over 200 billable hours over our last busy season cycle
  • We saved roughly 12% on costs compared to the last program we used.
September 04, 2020

IDEA: the auditor's friend

Score 9 out of 10
Vetted Review
Verified User
IDEA CaseWare is used by the audit department majorly in sample selection on which audit procedures will be performed. Many parameters could be considered like the materiality, the gross positive/negative or net amount of population, and confidence that we have of any other audit procedures performed, etc. We could run samples separately, and based on audit results, we could compare the audited values with recorded values and find out if any discrepancies were material or not etc., It was also used in data analysis while performing testing of journal entries with line items in thousands. We would input certain criteria that we want to test and would get the results desired, all sorted and presented perfectly.
  • Easy to understand and easy to use.
  • Can use on large quantities of data and quickly analyze them.
  • Uses logic that can be followed if one is an auditor. I, for example, could understand the logic in a number of samples, i.e how the number of samples thrown changes when risk changes from low to moderate in proportion taking in consideration the materiality.
  • Other audit firms are using 2 software for the process that IDEA alone can do. So IDEA has a definite advantage here.
  • Customizable by the company.
  • One would need some training or guide to understand all the functionalities IDEA has to offer.
1. Sampling: This is one is the most important work of an auditor—selecting samples representative of the population, then proceeding over to testing. IDEA simplifies this while offering various ways to sample and gives an option for customizing the parameters.
2. Analyzing data: You can use it to import large quantities of data, sort them, group them, and analyze them with your set criteria.
3. PIVOTs: Creates pivots of large data with multiple variables.
  • IDEA definitely had a positive impact on our overall completion of audits. We used IDEA more than 90% of the time to identify samples or analyze data for testing based on various criteria we would set.
I have used Microstart and would definitely vote for IDEA because IDEA combines what Microstart does with the help of one/more softwares. Where Microstart just gives a number of samples, IDEA selects the number of samples based on materiality, risk, and other factors. It selects those samples from the population leaving out line items that are invalid/ zero. I would prefer using IDEA any day.
I would rate it a 9 because I never really needed support on this but if I did, there was the necessary support given promptly.
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