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    Lumen: Enlightened Financial Audits

    Lumen is an advanced analytics approach that drives superior independent audits. We use predictive modeling and whole ledger analytics to bring all of your company’s financial data into clear focus. By pairing these advanced analytics with automation and artificial intelligence

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    See the big picture — and the details

     

    Brian Wolohan, Partner-in-Charge, Audit Innovation and Jim Burton, Partner-in-charge of Audit Methodology and Standards discuss how auditors gain insights through enlightened data analytics to better understand all types of information, from viewing a fact pattern, to seeing unique and notable items, to visualizing and comprehending revenue patterns.

     
     

    Our dedication to quality and value

    Risk profiling

    Our process begins with a sophisticated approach for profiling current and prospective clients for risks related to financial reporting fraud, restatement, material weakness in internal control, bankruptcy and corporate governance issues.


    Risks identified in this phase are considered and addressed as part of the audit. This helps companies achieve high levels of reporting quality, internal controls and corporate governance. This results in a portfolio of clients that is aligned with Grant Thornton’s dedication to audit quality and continuous improvement.

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    Data ingestion

    We employ data ingestion tools to efficiently and seamlessly extract and load your data, saving valuable time and company resources. Then we apply another battery of proprietary tools and analyses, developed by leading experts in data analytics, to analyze this data. Insights obtained from our evaluation give us an even deeper understanding of your business and inform additional targeted exploration.

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    Uncommon insights

    Our process facilitates early identification and mitigation of reporting and internal control risks, allowing us to zero in on the data with the highest risk and impact potential. Our analytical techniques include:

    • Account combination analysis
    • Digital, textual and letter analytics
    • Trend analysis and regression
    • Benchmarking
    • Transactional scoring
    • Visualization and dashboards
    The Audit Analytics Mbile Dashboard The Audit Analytics Dashboard

    A Culture of Analytics

    At Grant Thornton, we live and breathe data. We’ve long been pioneers in advanced audit analytics, so we know firsthand that next-generation technology is only as good as the people who use it. The right people asking the right questions and using the right tools to help answer these questions are central to our culture, and our audit approach.


    Analytics are incorporated by our professionals at every stage of the audit, from planning and risk assessment, to evaluation of controls and substantive testing, and concluding and reporting.

    Meet Grant Thornton’s audit data analytics leaders

     
     

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    Learn more about Audit Data Analytics and how it can unlock your financial data’s potential.

     
     

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