An audit consists of a methodical review and objective examination of a company’s financial statements. The auditor must report his findings based upon the evidence examined since the objective of the auditor’s examination is to express an opinion on the financial statements.
The auditor’s report gives credibility to the financial statements and therefore whether it is required by law or not almost every company have at least annual audit of its financial statements.
Reporting Tools such as SAP Business Objects can connect to EDMT® Solution using EDMT® Universe, which is included in EDMT® Audit and Compliance Module. Using EDMT® Universe, users of SAP Business Objects tool can search emails, documents and multimedia and correlate them with their database records.
Although it is known a couple of months in advance when an audit will start the preparation process of data to be provided to the auditors is always under extreme time pressure. The audit work includes performing a various types of tests and procedures, e.g. tests of internal controls, substantive tests of transactions, substantive analytical procedures, and tests of details of balances, to name just a few. All those tests require recalculations and tracings between several systems and databases. Hence, the cost of the audit is high since it requires a lot of time on both sides – of audit team members and the company’s team.
With the EDMT® Solution those costs can be significantly reduced because a large sample of transactions can be tested more quickly. EDMT® Solution manages, analyzes and mobilizes the data irrespective of its type and form. EDMT® Solution performs real-time, high-speed ingests of all data types into its own repository, provides high-speed analysis and cross-analysis of all data types using SQL processing combined with Full Text Search and protects data through data retention and auto-deletion procedures.
The EDMT® Solution can be used solely by the company to prepare data for the auditors or the read-only access can be granted to the auditors to perform sampling, tracing from one source to another and any other testing necessary and therefore allowing company’s staff to perform their usual day-to-day functions with minimal interruption.
EDMT® Solution is certified to handle over 1 Petabyte of mixed EDMT data and compressed the data to less than 200 TB. Data Ingest and indexing rate was over 1.5 TB/hour – equivalent to over 1.5 Billion SMS or 150 Million emails per hour or over 10 Billion database transactions per hour. All the data was indexed and ready for search 1-4 seconds after it has been made ingested into EDMT® Solution. “Pin-point” queries returned in < 1 sec, and complex queries took 3-300 sec. Visit sybase.com or bmmsoft.com for more details.