Computer Assisted Auditing Tools with Data Mining Tools
1. WizRule/WizWhy is based on data mining technology while CAAT system is a query based data analysis and reporting tool.
2. Working with CAAT system the Auditor knows what he looks for – he enters the query and the program checks if the rule is valid. The auditor has to know in advance what he looks for (requires a hypothesis).
3. Data mining is the process of revealing valuable information and discovering previously unknown relationships that exist in large amounts of data.
WizRule/WizWhy reads the data and automatically reveals all the rules (if-then, formula, name/value spelling) hidden in the data. WizRule/WizWhy uncovers unknown relationships that may exist among unrelated fields and points to the records which deviate (called deviations) from the discovered rules. These deviations are suspected errors in the data and cases to be investigated or audited.
4. Data Mining compliments CAAT system:
|Query based Requires a hypothesis Subjective interpretation Lots of reports and queries
|Data mining Non-hypothesis necessary Objective analysis Critical deviations