How many hours have you spent sending reports and notes to your auditors? Wouldn’t it be nice if we could automate your audit? What if we could use technology to reduce risk and ensure consistency with journal entry testing? Well, Alteryx may be the answer.
Over the summer, four RSM teams piloted the powerful data analytics platform and presented their use cases in a competition modeled after ABC’s Shark Tank, the reality TV show in which entrepreneurs pitch their ideas to a panel of investors.
In RSM’s Alteryx shark tank, the panel of sharks consisted of the firm’s internal Audit Innovation Steering Committee. Sharks judged teams on five areas:
- Best presentation
- Most unique/creative idea
- Best value proposition
- Most scalable use case
- Favorite use case
The pilot teams focused on integrating Alteryx into the audit processes to automate:
- Transforming complex reports into usable data
- Selecting journal entries for testing
- Inventory price testing and assessment of reserves
- Using character recognition to read source documents, such as invoices and purchase orders, and putting key data into audit workpapers
RSM’s pilot teams got creative in using everything from live video demos to Star Wars-like trailers to thoroughly entertain our sharks and battle it out to present the best use case and win RSM-branded swag.