Published on February 18, 2014
AN OVERVIEW OF TOPCAATS TopCAATs is a suite of over 150 Computer Aided Audit Tools (or CAATs) which allows auditors to easily perform powerful data analysis that delivers significant value for their team, their internal or external clients and their organisation as a whole. Why use CAATs Who’s using TopCAATs Create Opportunities CAATs allow you to perform work that could not be accomplished any other way, enabling you to expand the services you can provide. 8 Reasons why TopCAATs is different Over 60,000 auditors in over 70 countries around the world use TopCAATs to conduct their work more efficiently and effectively. 1. The familiar Excel environment External Auditors TopCAATs is being used in audit practices of all sizes, from sole practitioner CPAs right up to Big 4 global accounting firms. Save Time Internal Auditors CAATs save a considerable amount of time, often 20 hours per user each month, by enabling them to work more efficiently and effectively. TopCAATs is used by Internal Audit teams at small companies as well as well-known FTSE100 and Fortune Global 500 companies, with teams ranging from 1 up to 100+ auditors. Government Auditors Add Value CAATs provide a deeper insight into underlying records, uncovering additional items of interest, adding value to the work you’re already doing. Reduce Risk Using CAATs reduces the risk of missing material misstatements, and reduces the opportunity for your team to make mistakes. Government auditors across the world at both local and state level use TopCAATs, as well as global intergovernmental organisations. Fraud Examiners Professional fraud examiners use TopCAATs to provide forensic investigation services to their clients. Education Universities and other education providers use TopCAATs both for their own internal audits and to train the next generation of accountants how to use Computer Aided Audit Tools. TopCAATs runs on top of Excel, an interface that every auditor is already familiar with. There’s no need to learn new ways to accomplish things that you’ve been doing for years. 2. Built with ease of use at its core From the ground-up, TopCAATs has been designed to be as easy to use as possible. It includes unique and intuitive colour coding and validation so users can perform analysis without having to consult manuals. 3. Short learning curve The training requirements are much, much lower than for other CAATs tools. This means lower training costs, and quicker implementation, so you can start seeing benefits from CAATs straight away. 4. 150+ powerful data analysis tools All the tools that you would expect from a Data Analytics package are included plus many others that might require users to write custom scripts in other standalone CAATs packages. 5. Save time every time you use Excel Because TopCAATs is always there, available every time that the user uses Excel, it gets used constantly. It also includes the TopCAATs toolbar, which contains various tools to improve Excel productivity. 6. Revolutionary Section Modules TopCAATs’ 8 Section Modules, allow you to perfom up to 26 different standardised but configurable tests on a single report incredibly quickly, highlighting anomolies that might be of interest. 7. Designed by Auditors for Auditors TopCAATs has been developed by Auditors. It’s not focused on only the techies or IT specialists - it is a tool that will help every Auditor in your team to deliver benefits to your organisation day in, day out. 8. Return on investment Because of all of these factors, TopCAATs delivers significant and fast return on investment through time savings, reduced fraud and error, cash recovery, and better risk management. Our users tell us that TopCAATs pays for itself many times over with the value it delivers. The TopCAATs Ribbon Bar in Excel 2013 TopCAATs Toolbar Section Modules Sampling Data Analytics Tools This includes a variety of tools designed to make your life easier whenever you’re working in Excel. The toolbar includes tools for cleansing and manipulating data to get it ready for data analysis including fixing numeric, date and text fields. There are tools for presenting your work easily and effectively including applying formatting and inserting headers and a sheet index. Other time saving tools include Global Find and Replace and Extract Visible Cells. TopCAATs includes 8 unique Section Modules, which are each focused on a different area. Section Modules are included as standard for payables, receivables, inventory, non-current assets, journals and expenses. Each Section Module includes up to 26 different tests that can be run on a single report, all in one go, performing a huge amount of data analysis and focusing the user on just the transactions that may be of interest. In many cases, TopCAATs allows you to test 100% of a population, and therefore eliminate sampling and sampling risk altogether. However, when sampling is unavoidable, you can use TopCAATs to select robust samples using Monetary Unit Sampling (MUS), Random Sampling, Stratified Sampling, Cluster Sampling or Systematic Sampling. You can also use the MUS tool to statistically extrapolate errors in the sample over the entire population. TopCAATs includes a whole host of standalone data analytics tools. All the ones you might expect from a fully-featured data analytics tool, including Join 2 Sheets, Append Sheets, Ledger Split, Exception Report, Column Statistics, Gaps, Benford’s Testing, Advanced Summary and Aging. There are also other tools included that are not available in other data analytics tools, or would require you to write custom scripts, such as Out of Mask, Highlight Changes, Options/Help Sequential Invoices, Specific Comments, Analytical Review, Number Checker, Lead Scheduler, Outliers, Top and Bottom. There’s a tool included in TopCAATs for virtually every data analytics task that you would wish to perform. There are loads of other great free resources on CAATs available to download from topcaats.com/resources You can use Options to set TopCAATs up to work just how you like it, and help is always at hand via the context sensitive help tool and comprehensive PDF user guide, as well as our users’ website and forums.
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