Improving efficiency and quality
A streamlined process for data transfer with an audit client cut down on manual work and decreased the potential for errors.
83%
Time savings in data import process, which was reduced from 24 hours per quarter to four hours per quarter.
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Scenario
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Approach
- Result
To conduct a high-quality audit, an engagement team needed to perform complex data extraction from the general ledger of a large energy company client.
The data import process was intensive, and the client and audit team sought opportunities to perform this task more efficiently while also improving audit quality.
Grant Thornton’s engagement team created customized scripts to facilitate seamless ingestion of the necessary data from the general ledger into the firm’s analytics platform for use during the financial statement audit.
Grant Thornton’s automation and standardization of the data import and normalization process saved the client preparation time on a quarterly basis with a repeatable, more efficient process.
The newly automated data import and normalization procedures streamlined a manual process. In addition to saving precious time, the transformation improved audit quality. The previous manual process was susceptible to human error while the automation provides consistent, reliable results.
Through this improvement, Grant Thornton reduced the time required to import data for the audit from 24 hours per quarter to four hours per quarter.
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Janet L. Malzone
CEO, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Janet Malzone is the CEO of Grant Thornton LLP and a principal at Grant Thornton Advisors LLC. She is also a member of the Executive Committee at Grant Thornton Advisors LLC.
Chicago, Illinois
Industries
- Manufacturing, Transportation & Distribution
- Transportation & distribution
- Technology, media & telecommunications
Service Experience
- Audit & Assurance
Robert Fox
National Managing Partner, Audit Innovative Growth Solutions and IT Audit
Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Bert Fox is the national managing partner Professional Standards.
Chicago, Illinois
Industries
- Construction & real estate
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
- Transportation & distribution
- Retail & consumer brands
Service Experience
- Audit & Assurance
Brian Wolohan
Partner in Charge of Audit Innovation
Partner, Audit Services, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Brian is a Partner in the National Professional Standards Group, where he leads the firm’s Audit Innovation group and works with the Audit Methodology to enhance the quality and efficiency of our audit execution by applying data analytics, automation and artificial intelligence.
Arlington, Virginia
Industries
- Manufacturing, Transportation & Distribution
- Technology, media & telecommunications
Service Experience
- Advisory
- Restructuring and turnaround
- Valuation
- Accounting advisory
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