Audits exist because to err is human. Unfortunately, we cannot afford to have too many mistakes to reconcile when it comes to moving a company up the ladder of success. An audit is basically an independent examination of information of any entity irrespective of its size or legal form. There are many methods to conduct an audit and only a handful in the recent years have we witnessed the used of technology being implemented along with the processes. Today, we will be looking at Python and how it plays as role in the audit field.
Python: the Software; not the Snake
Python is a programming language introduced to the world in 1991. Its open-source status made it available for a variety of operating systems and can be used for general-purpose programming regardless of the scale of the project. Python’s simple style of coding makes it the preferred language for those beginning to learn how to code.
Python can and has been used in different areas and throughout different industries such as data science, finance, accounting, auditing, and cyber security. What do all these industries have in common? The shared use of data. Data, big or small, structured or otherwise, provides insights in more ways than one. And in the audit field, it can make or break a business cycle.
Auditing Using Python
When it comes to auditing financial statements, Python can help with data extraction, formatting (or transforming) and loading data, and testing and analysing the data to help view and document results. Seeing as it is open-source, the worldwide Python community is constantly adding new packages and features to its already rich functions.
While embracing technology of this sort may be daunting and it will be very easy for a person to default to their usual methods of auditing, always remember we were transitioning between keypads on phones to full-fledged touchscreens and we got used to it as a generation. The great thing about taking up Python as a knowledge is that there is never a shortage of skilled trainers right here in Malaysia who would be more than happy to guide you.
Data Visualisation Will Always be in the Picture
Being an important step in any rigorous data analysis process, tools and techniques are readily available to Python users. There is no doubt about the initial learning curve being steep but all will be good when an individual is truly keen to realise his or her full potential.
The aim for a detailed audit process is to garner as much useful data as you can but it truly is what you make of it which will create a world of difference. It is a consultancy firm’s dream to be able to tell a fluid story to their clients of how their business is doing with one or two key action plans moving forward. The lengthy yet required reporting will merely be a useful referenced appendix from time to time.
Time is of the Essence; Prime Yourself with Python
Before the Covid-19 pandemic, all of us were pressed for time. Now, we are all both pressed for time and pivoted strategies to weather through the storm of uncertainty. We can only control so much of our surroundings but it all begins with taking the next step. It is important we do not get left behind and the time to educate ourselves and our key associates is now. Lucky for you as a reader, you don’t have to explore further. Guidance has been provided and your next step is to click here.
Let us all take the step forward into the new era, together.