Data Extraction

Meaden & Moore's ability to perform electronic data analysis assists our manufacturing clients beyond the scope of traditional cost and financial accounting. Meaden & Moore has the technology and expertise to analyze data from different perspectives and summarize it into useful information - information that can be used to increase revenue, cuts costs, or both.

Data mining is emerging as an aspect that sets Meaden & Moore apart from other accounting firms. Often used as a means for detecting fraud, assessing risk, and product retailing, data mining involves the use of data analysis tools to discover previously unknown, valid patterns and relationships in large data sets.

AUDIT

The complexity of the current manufacturing processes extends far beyond what meets the eye! Enterprise resource planning (ERP) and other production systems typically contain a large volume of transactions and some particularly detailed calculations. With so many factors to consider, computer assisted audit tools (CAATs) help Meaden & Moore add value to our manufacturing client engagements. We have the experience in both internal and external audits, detecting errors and
fraud, minimizing loss and supporting compliance and regulatory issues.

DATA QUALITY

The software utilized by Meaden & Moore's Data Analysis team can independently test, reconcile and validate transactional data. Through detailed testing and analysis of transactions at the source level, management is alerted to potential errors, anomalies and suspect transactions within the data, in a fraction of the time and at a fraction of the cost of other technology solutions.

CONTROLS COMPLIANCE

Faced with a dynamic regulatory environment, fewer resources, less time, and mounting pressure from stakeholders to reduce business risk, organizations must formulate strategies to contain costs, prevent fraud, and safeguard corporate assets. More powerful and timely business analysis and reporting tools are needed to produce reliable results and drive confident decision-making.

Sound corporate governance and risk management ultimately depend on the accuracy, reliability, and integrity of an organization’s reporting information—the fundamental record and measure of its business activity. Gaps and weaknesses in internal controls can compromise even the most respected companies and government agencies, exposing them to direct financial loss and dramatically undermining credibility.

Now more than ever, business leaders need certainty and confidence in the accuracy of their organizations’ data and transactions and the reliability and effectiveness of their controls framework. Meaden & Moore will provide unparalleled insight into business operations, grounded in transactional data analysis and independent testing and verification of internal controls. Enabling timely notification of control breaches and immediate recognition and review of quantified exposure to business risk, we help organizations better assure compliance, contain costs, and minimize losses.

REGULATORY COMPLIANCE

The analysis and reporting requirements codified in Sarbanes-Oxley, Basel II, the USA Patriot Act, HIPAA and other such regulatory reforms have now become a permanent feature of the business landscape.  Failure to minimize errors and reduce risks can result in harsh fines, negative publicity, and irreparable damage to organizations’ reputations, as well as the loss of investor/consumer confidence and trust. We will assist your organization gain unparalleled insight into business operations, testing and validating transactions and enterprise systems against critical control points and business rules on a continuous basis.

With early warning of potential enterprise risks and control weaknesses, management can investigate and resolve problems before they escalate, enabling timely revenue recovery or loss prevention—all while supporting ongoing compliance with regulatory requirements.

FRAUD DETECTION

Studies show that most fraud directed at organizations originates from within—and it’s a problem for companies of all sizes, in all industries. The majority of fraudulent activity is discovered by an internal audit, and more than 75 percent uncover fraud through a review of internal controls.

It is clear that there is a critical need to implement technology solutions to more efficiently audit areas of operational and credit risk and to bring fraudulent activities to light before resulting in critical losses. Meaden & Moore's approach to fraud detection and prevention is based on comprehensive analysis of the transactional data flowing through financial and operational systems. Through flexible continuous monitoring capabilities, we assist organizations in testing and validating data from virtually any enterprise application.  With timely automatic notification, our software can identify trends, pinpoint exceptions, and highlight potential areas of concern.