Item: CaseWare IDEA
Rating: 9
Author: Verified User

Use Cases and Deployment Scope

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.

Pros and Cons

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.

Return on Investment

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.

Alternatives Considered

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.

Support Rating

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.

Key Insights

Do you think CaseWare IDEA delivers good value for the price?

Yes

Are you happy with CaseWare IDEA's feature set?

Yes

Did CaseWare IDEA live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of CaseWare IDEA go as expected?

Yes

Would you buy CaseWare IDEA again?

Yes

Likelihood to Recommend

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: the auditor's friend

Overall Satisfaction with CaseWare IDEA