IDEA: the auditor's friend
September 04, 2020

IDEA: the auditor's friend

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with CaseWare IDEA

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.
  • 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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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.