We’ve all been there. Countless hours spent chasing clients for data, cleaning, formatting and balancing reports – and then doing it all over again when you need more.
KPMG’s 2023 “Future of Audit” survey found that 76% of junior auditors spend more than half their time on data preparation and validation rather than analysis.
Let’s be honest – this isn’t what you passed all those exams for. You want to analyze data and deliver meaningful insights. Here’s how Validis helps make that happen.
Key takeaways:
- Show partners your strategic value – discover how to turn automated data analysis into meaningful client conversations and better audit decisions.
- Transform client data into insights in three steps – learn how to quickly verify data quality, spot important trends, and identify key risks using Validis’s standardized data.
- Stop wasting time on data prep – Validis automates manual tasks so you can complete more audits, get more feedback, and develop critical skills faster.
Learn by doing: Why data prep is holding you back
Hands-on audit experience is the fastest way to learn. Each completed audit brings new insights, fresh feedback, and deeper understanding of risks.
But, if all you’re doing is manipulating data, guess what? You’re just getting really good at… manipulating data. Is that what your clients really want? An Excel wizard?
When you focus on actual audit work, learning compounds: More audits completed = more feedback received = faster skill development = greater value added to both clients and your firm. And, in my opinion, it’s more fun.
“The audit profession needs to modernize to attract and retain top talent. The next generation of auditors want to focus on delivering insights and value, not managing spreadsheets.” – Julie Bell Lindsay, CEO of the Center for Audit Quality (CAQ)
Want to learn more about how to keep good talent? Read Paul’s story about why he left auditing and what could have made him stay.
Career fast-track: Here’s what Audit Partners want
Let’s start with a recap on what audit partners are looking for from their team:
- Spot and flag risks early
- Ask smart questions that show you understand the business
- Share useful insights in client meetings
- Work well with the team
Let’s explore how Validis helps you deliver on each of these expectations.
Three steps to transform your next audit with Validis
When you automate data collection and standardization (hello, Validis!), you can focus on… well, auditing. Here’s what to do when clients share data via Validis:
1. Verify data quality: Start with a strong foundation
Check the quality score to spot bookkeeping issues fast. This helps you quickly find data gaps and errors that need addressing upfront or gives you confidence in the data you are auditing.
Example: The Quality Score tab (below) flags inconsistent accrual reporting across several years. This early detection could help you address the client’s month-end procedures.
2. Scan for trends: Ask better questions
Use the dashboards to spot key changes and patterns in financials. This helps you prepare smarter questions for planning meetings based on a deeper understanding of your client’s business.
“The big AHA moment for me was seeing the Validis dashboard. For the first time, I could see the whole business in seconds” – Lori Warden, Assurance Practice Leader at ATA
Example: A preliminary review of the Working Capital & Liquidity dashboard shows that 25% of receivables are over 90 days old, with a 40% jump in 120+ day receivables. Time to ask about any organizational changes that could have impacted this.
3. Identify key risks: Get ahead of issues
Drill down into specific data items to spot potential risks early. This helps you pick better samples and focus testing on what matters.
Example: In the Receivables report, you spot several large overdue balances. Add these to your sample and discuss collection processes with management.
Make the shift from data cruncher to strategic thinker
The future of audit isn’t about who can format spreadsheets fastest – it’s about valuable insights. By asking questions and suggesting ideas, you show you’re thinking critically about the audit, not just going through the motions.
For audit partners reading this: imagine your junior team spending less time chasing and formatting data, and more time developing the skills that will make them (and your firm) more valuable to clients.
And for junior auditors: this is your chance to shift from data grunt work to value creation. Trust me, your future self (and your audit partners) will thank you.
“We’ve not only gained over 40% in productivity, but Validis have helped us create more rewarding roles for our auditors and a superior client experience. Our teams now spend less time chasing data and more time analyzing it to deliver valuable insights.” – Satpal Nagpal, Audit Practice leader at GHJ
If you’re a Validis customer, reach out to your dedicated Account Manager for more tips. If you’re not a Validis customer yet? Book a demo today.
