Transforming Audit with Common Data Model & Advanced Analytics

The client is a leading accounting firm in the US.

Challenge

The client had the objective of improving audit effectiveness and increasing their audit coverage. They were unable to use data analytics because their audit data was spread across multiple ERP systems and different technology platforms were used by varying business processes across customers, industries and geographies.

Solution

Orion developed a Common Data Model to enable uniformity in data requirements, aggregation and analysis across geographies, industries and clients. We defined and implemented a set of standards for data extraction and transformation from client systems for various business functionalities under rules and regulations. Data was presented in a common structure that was more understandable and useful to all business activities such as financial auditing, data analytics, advisory and other functions. We implemented the CDM framework from extraction, mapping and transformation pipelines to ensure standardized processing and analytics.

Key benefits of the CDM framework include:

• Enabling the end-to-end CDM lifecycle with data ingestion across diverse customers & industries/geographies/ERP Systems and platforms
• Automated script generation allowing for extensibility to new data and platforms 
• Advanced analytics with the CDM data model including GL Ledger analysis and sub-ledger reconciliation

Impact

• Lower risk for firms through consistency and increased audit coverage through automation

Learn more about our solutions.