Statistical Audit Automation: Applying Computer Assisted Audit Techniques - Paperback

by Edward J. Winslow III (Author)

This book is Book #1 in the Small Business Power Series which sets the stage by being a resource in the use of methods to sample accounts to conduct statistical audits It was originally developed to get auditors to get quickly up to speed in implementing Computer Assisted Audit Techniques (CAATs) .

All three series books are guides in learning the analytics of the Auditmetrics AI business system. The included software has file size and feature limitations. It should be fine for small businesses with 10 employees or less. For larger businesses, the full features of Auditmetrics AI Professional would be required with its ability to sample up to millions of account records.

All books and software are ideally suited for small businesses that operate on desktop and laptop computers. They assist in competing in an evolving technology driven business environment that favors analytics. Our economy is on a high tech commercial revolution where huge business entities marshal vast sophisticated programming to correct past deficiencies and search for potential opportunities. Auditmetrics helps the smaller enterprise survive by providing a level analytical playing field. It is designed as a complete resource for business analytic methods and technology.

To get an overview of the operation of the AI Assistance System and Small Business Power Book Series, select the trailer link below:
https: //auditmetrics.com/app_data/trailer2.mp4

For help to set up book/software combination: support@auditmetrics.com

This book covers the monitoring of cashflow. Operating cash flow (OCF), a measure of the amount of cash generated by a company's normal business operations is of paramount importance for all businesses. The traditional use of the cashflow audit is for verification of business documentation and a measurement of overall economic health. With the use of statistical analytics, cashflow can also be used as a powerful tool to shape future operations.

The trend of employing statistical analytics in making business decisions was given impetus when many state revenue departments began to implement Computer Assisted Audit Techniques (CAATs) in conducting sales and use tax audits. This technique quickly expedites audits to save time and resources. CAATs efficiency is only possible with the use of statistical analytics. This book uses as a guide the statistical audit guidelines as promulgated by the American Institute of Certified Public Accountants (AICPA) and the published directives of the U. S. Internal Revenue Service. The same principles and data for the audit are then the basis for forecasting and market research.

Statistical analytics can involve complex procedures. Many business managers complain that building business analytics with any degree of accuracy can take a lot of time. Time that may be better spent selling rather than trying to master complex procedures. The AI assistance of Auditmetrics V6.5 was specifically designed to ease small business managers into the development of their analytic capabilities. Knowledge imparted by this book is valuable in itself but it is Auditmetrics AI assistance that makes it practical to keep pace with the growing use of technology and analytics to increase business profitability.

However the statistical audit discussed in this book is not an end in itself. With the other two books in the series: "Forecasting Revenue and Expenses for Small Business" and "Market Research for Small Business". Each book outlines a practical way to use statistical analytics to solve administrative and marketing issues needed to survive in a competitive environment.

There's an old axiom in science and business, "If you can measure it, you can control it". That is the foundation for this book and the books that follow.