Question

Is it possible for a firm to have general journals from a product like JD Edwards actually reconcile to the general ledger in SAP? Why or why not?

Answer 1

The application of Data Analytics tend to focus on data quality, internal controls, and the complex information system that support the business process - areas typically reserved for the internal audit department at a firm. There is a constant pressure to enhance business value while minimizing costs in the internal audit department. Under the guidance of chief audit executive, the internal auditors builds team to develop and implement analytical techniques.

Internal auditors are most likely to have working knowledge of the various enterprise resource planning systems that are in use at their companies. They are familiar with how the general journals from a product like JD Edwards actually reconcile to the general ledger in SAP. Because implementation of these systems varies across organisations (and even within organizations), internal auditors can understand how analytics are not simply a one-size-fits-all type of strategy.