As part of the audit, BDO conducted thorough revenue amount testing, which required the client to spend hours manually pulling 120 samples. In relying on testing a selection of random samples, the auditor’s test did not yield the deep insights that could be drawn from full population testing. As a result, the significant time and labor that went into the audit process did not yield the deep insights that come from full population testing.
Results
The client was able to reduce its time spent pulling sample support for the test by 93%. Using complete data sets allowed for a deep and thorough analysis of revenue streams and trends by the engagement team, and a comprehensive risk assessment of the full population. BDO’s investment in collaborative innovation empowers our auditors to create custom industry analytics that provide a tailored audit experience with deeper business insights.
By methodically adopting a new method of testing, our audit team not only cut out unnecessary hours, but also performed a higher quality audit test and gained a deeper understanding of our client’s business leading to more profound insights.
BDO Audit Principal
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