Ask Joey ™ a Question

How is Alteryx used by accounting firms?

Alteryx is a software tool that allows users to easy manipulate large sets of data and perform analytics. Alteryx is commonly used by accounting and audit firms to manipulate the client’s data to facilitate certain audit tasks.

The audit team would create custom workflows, which can then be used to reperform certain tasks on a recurring basis (either for the current audit period or future audit periods). Additionally, Alteryx is used by the advisory group to organize data and perform complex analytics (e.g. retention rate for technology companies).

The image below is an example Alteryx workflow.

You might also be interested in...

  • How can variable sampling risk impact the efficiency or effectiveness of an audit?

    Audit risk is comprised of inherent risk, control risk, and detection risk. The level of substantive testing that the audit performs is based on detection risk, which is set after the audit team assesses inherent risk and control risk. Variable Sampling – Substantive Testing When the audit team is performing substantive testing, they will use […]

  • What happens if control risk is set too high or too low?

    Audit risk is comprised of inherent risk, control risk, and detection risk. Depending on how the audit team assesses control risk, they would set detection risk, which determines the level of substantive testing that should be performed. To assess control risk, the audit team would use attribute sampling to determine if the controls were operating […]

  • What is business intelligence?

    In general, business intelligence is the strategy and technology used by a company to analyze their data. There are a number of difference functions that fall under the business intelligence umbrella. These include analytics, data mining, processing mining, use of dashboards, etc. The biggest problem most companies face is that they have a ton, and […]