• Analytics

FAQs

  • How do I get started with a TeamMate Analytics trial?

    Simple, just fill in the trial request form. The videos linked on the Summary of Tools page will be useful aides as you get started and want to test some of the key functions.


    What are “CAATs” and why do I need to use them?

    Computer Aided Audit Tools, or “CAATs” are data analysis software tools that help Auditors to carry out their work. With the modern computerized world, it is becoming near impossible to gain sufficient audit evidence using traditional manual audit methods. CAATs allow Auditors to carry out more work, in less time, with greater coverage, and with a whole host of other benefits.


    Why should I use TeamMate Analytics?

    TeamMate Analytics is without a doubt the easiest to use data analysis software available. It runs within Excel – an environment you already know and are probably using on a daily basis.When TeamMate Analytics was initially developed, we focused on ease of use, to ensure the interface is as intuitive as possible. As such, you and your team will pick up TeamMate Analytics quickly, and be putting the powerful data analysis tools to use in no time at all. What’s more, there are more than 150 tools and features, all designed to make your life easier. Take a free TeamMate Analytics trial and see just how easy it is to use for yourself.


    We already use data analysis software ‘XYZ’, why would we need TeamMate Analytics?

    You would be surprised how many of our customers already use(d) another data analysis software. They realized that the software they purchased was designed for specialists and not your average/typical auditor. The software they have isn’t actually right for their needs or is too complex for more than a few highly-trained specialists to use. As a result their staff don’t use it and they don’t get the benefits they expected. If you find that TeamMate Analytics might be better for you or can supplement your existing licenses of a different tool, you can take a free 30 day TeamMate Analytics trial to see for yourself.


    Will TeamMate Analytics do my audits for me?

    Unfortunately not! While TeamMate Analytics will greatly speed up your audits, enabling you to focus your attention on risky areas and highlight specific transactions to investigate further, it can never replace the judgement of an experienced auditor. Auditor input is essential to select which tests are appropriate for a given situation, define critical variables (e.g. materiality) and to interpret and further investigate the outputs of the tools.


    How much time will TeamMate Analytics save me?

    Typically, we expect TeamMate Analytics to save an individual auditor 10-20 hours each month. Of course, this varies widely, depending on a number of factors. For example, in one location you could find that just one test using TeamMate Analytics takes 5 minutes, and eliminates 3 days of manual work. In another location you may find that they simply can’t get the data you need electronically, so there would less scope for TeamMate Analytics to save you time. The best way to find out is to take a TeamMate Analytics trial – get started by filling in the trial request form.


    I’ve had a look at the trial version, and some of the tools don’t fit with our audit approach, can they be modified?

    Yes, we are able to fully customize TeamMate Analytics to meet your needs. Whether it’s changing the way a calculation works, adding custom tools, or simply changing the terminology to what you’re used to, we will ensure that you have a product that fits with your audit approach, and meets your specific needs.


    Many of my client reports are in an unfriendly format, and don’t work in the TeamMate Analytics tools

    Getting the data is often tricky when it comes to data analytics. Thankfully, it’s a challenge that’s easily overcome, and it’s something that we cover in our trial resources that we provide to everyone who takes a 30-day trial.


    Does TeamMate Analytics have an audit trail?

    The majority of the tools have a summary function. This summary provides information about which tools have been run, and what options and inputs were specified. This, together with the user guide, provides sufficient information for an experienced auditor to re-perform the test, given the same input data. The summaries in the Section modules even include a screenshot of the user form, so you can see exactly what tests were performed and what variables were selected.


    How much data can TeamMate Analytics handle?

    As TeamMate Analytics runs from within the Microsoft Excel environment it is only limited by what Excel itself can handle. In Excel 2003 and previous versions the maximum row limit is 65,534 rows, however, in Excel 2007 and later versions, this has been increased to 1.1 million rows, and TeamMate Analytics can take full advantage of this! In reality, even 65,534 rows is generally more than large enough for most reports.


    Does TeamMate Analytics work with the TeamMate Audit Management product?

    TeamMate Analytics is fully compatible with TeamMate Audit Management version R10.4.4 and above.