Wolters Kluwer Audit, Risk and Compliance announced a new data analysis tool set will be integrated in its TeamMate Audit Management System.

TeamMate’s Audit Management and Controls Management systems will now offer data analysis functionality in every audit, through a global alliance with data analytics solutions provider Reinvent Data and its TopCAATs solution.

The TeamMate audit management solution, used by more than 95,000 auditors and 2,200 organizations globally, helps automate audit processes, including risk assessment, scheduling, planning, execution, review, report generation, trend analysis, audit committee reporting and storage.

“Data mining as an internal audit technique, despite its widespread appeal, is relatively underutilized in most organizations,” stated Mike Gowell, senior vice president and global general manager, TeamMate. “Providing easy-to-use and powerful functionality, TeamMate Analytics will allow auditors to quickly and effectively deploy data analytics in every audit. We think of it as ‘Analytics for every auditor.’”

TopCAAT, an Excel-based data analytics solution, offers a collection of more than 150 tools for auditors to conduct data analysis with minimal training.

“Unlike other data analysis software, TopCAATs provides auditors of all IT skill levels with access to powerful analytical tools,” stated said Charlie Walker, founder and president of Reinvent Data. “Combining TopCAATs with TeamMate goes a long way in making audit work easier and more effective.” 

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