New tools for Fraud Detection and Business Analytics from CaseWare IDEA Inc.
October 2007 - IDEA’s latest component Advanced Statistical Methods is now available. This component adds three important new functions to IDEA’s already powerful feature set – Correlation, Trend Analysis and Time Series. Development was done in collaboration with Dr. Mark Nigrini, a well-known expert in the application of Benford’s Law and other statistical methods in the detection of fraud and other financial statement irregularities.
"Working with Mark was a great experience", said Bob Cuthbertson, Chief Operating Officer, CaseWare IDEA Inc. "His research and expertise helped us develop these new tools which will extend the auditing capabilities of our users, help them add new service activity and provide analysis not available in any other integrated tool."
Mark Nigrini said, "The initial discussions for this module were started in 2005. I’ve enjoyed working with the professionals in the development, documentation and testing teams at IDEA over these past two years. I look forward to us breaking new ground together again in the future in introducing new value-added auditing techniques based on statistical methods to the auditing and data analysis communities."
To find out more about Advanced Statistical Methods visit the product page.
About Advanced Statistical Methods for IDEA Version Seven
Advanced Statistical Methods is an optional component for IDEA – Data Analysis Software that adds new tools for fraud detection and business analytics. It is available as a free download for all registered users of IDEA Version 7.2.
About IDEA – Data Analysis Software
IDEA can read, display, analyze, manipulate, sample or extract from data files from almost any source – mainframe to PC, including reports printed to a file. IDEA can lower the cot of analysis, add more quality to audit work and meet the new professional requirements regarding fraud and internal audit. IDEA is used in over 90 countries in 13 languages by major accounting firms, federal, state, provincial and local government, corporations in all industry sectors and by universities as a teaching tool. IDEA was chosen as one of Accounting’s Today’s Top 100 Products.
About Mark Nigrini
Mark J. Nigrini, PhD is an Associate Professor at St. Michael’s College, Burlington, VT, where he teaches accounting, auditing and special topic courses. His work on Benford’s Law and data analysis was widely covered in the press and he has published papers on Benford’s Law and auditing in numerous academic and professional journals. His recent paper, "Monitoring Techniques Available to the Forensic Accountant" was published in the Journal of Forensic Accounting.
