Customer story
NeonAudit
Learn how streamline and conduct higher quality audits with intelligent automation
Formed in 1982, Hurst are a team of 100+ dedicated professionals based in the North West, operating throughout the UK and beyond.They offer client support across four distinct teams: Business services,Corporate Finance, Tax & Digital. Hurst’s values lie at the heart of the way they do things, which defines their culture and commitment to the highest principles of personal and professional conduct.
This success story has been created in collaboration with Hurst from the United Kingdom.
The audit professionals at Hurst faced the challenge of their team having to conduct repetitive and manual tasks while conducting their routine procedures. This meant that they had to spend more time both inputting data and also then reviewing the given data, due to the increased risk of inaccuracies that is created through said manual processes.This was both inefficient and demotivating for the team.
We’re thrilled to share how Datasnipper has revolutionised our audit work at Hurst. Thanks to its automation features like Document Matching and Form Extraction, we can fly through large data sets in no time and spot any errors with ease. This means we can spend less time copying and pasting, and more time doing what we love - auditing.
The implementation of DataSnipper at Hurst in August 2023 facilitated them to conquer the above challenges by automating time-consuming tasks to increase productivity whilst ensuring consistency, transparency and accuracy in their processes. The team at Hurst can therefore ensure their focus is on the more important and value-adding areas for clients. Hurst witnessed considerable efficiency gains when implementing DataSnipper across procedures like Stock Testing, Wages Testing, Sales Testing and Accounts Reviews among others.
DataSnipper's advanced automation features like Document Matching, Form Extraction and Snips alongside the Financial Statement Suite significantly played an important role in improving workflow efficiencies. The platform's ability to create a robust audit trail with cross-referencing was found particularly beneficial as it eliminates the need for extensive searches for supporting evidence and reduces the time spent on tedious manual tasks.
For Sales Testing procedures, the team at Hurst employs acombination of DataSnipper’s Document Matching, Form Extraction, and Snips to compile data from various documents for each item in their large sample, such as sales invoices, customer order documentation and proof of delivery quickly and accurately. Previously, this required manually locating the correct documentation and typing out relevant information into the work paper. This not only halved the time spent on these tedious processes but also significantly enhanced the reviewer's ability to follow the audit trail in greater detail.
Utilizing DataSnipper’s Document Matching, professionals at Hurst can now quickly consolidate various forms of data, pinpoint specific lines in extensive stock ledgers, Excel breakdowns, and individual invoices to align with their samples. This efficient approach aided by automatic cross-referencing that instantly highlights discrepancies, focusing attention on high-risk audit areas. A process that typically spanned several days manually is now accomplished in just one morning with DataSnipper, significantly accelerating and enhancing audit efficiency, allowing their team to spend their time on areas which require more professional judgement and application.
With Form Extraction, the process of testing wage costs by extracting amounts from financial statements is greatly streamlined. The feature allows for efficiently extracting amounts from detailed payroll reports and then comparing it to those in the financial statements with Document Matching. This approach notably reduced the time taken for the manual processes in Wage Testing by over 50%, increasing their ability to focus on higher risk areas of the audit.
DataSnipper’s Financial Statement has enabled improvements in financial statement review processes by instantly highlighting errors in mathematical accuracy, internal consistency, and prior year comparative figures. This in turn allows for more effective use of time and a focused review on key areas as opposed to time wasted on repetitive manual tasks.
Common manual procedures within Sales and other substantive testing are able to be conducted 50% faster.
Powerful document trails with cross-referencing in Excel simplifies the review process extensively.
Team members now have time to spend on analyzing high-risk areas, helping them do impactful work as result.
