Discovering Analytical Objectives using Field Statistics in IDEA

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Brian Element's picture
Brian Element
Joined: 07/11/2012 - 19:57
Discovering Analytical Objectives using Field Statistics in IDEA



At times we may be presented with a data analytic project in IDEA where we may not have clearly defined Control Objectives or Analytical Requirements/Reports set up in advance.


In such cases you may begin by importing the electronic data set on hand into IDEA and then perform specific discoveries within IDEA using Field Statistics. These discoveries will help you frame specific Analytical Objectives in IDEA.


Field Statistics provide the IDEA user with pre-set/built statistics like -


- Zero, Negative Values under Numeric Statistics


- Max, Min, Average Values under Numeric Statistics


- Items on Saturday, Sunday under Date Statistics


Now as an example if I import an Expense Ledger into IDEA and display the Field Statistics, the presence of negative items under Transaction Amount may direct me towards setting up a Control Objective to look at 'Reversals to Expenses' and its due authorizations.


If I notice that the MIN Transaction Amount is 550, the AVG is 100000 and the MAX is 124500, I can deduce that there are a high number of Expense Vouchers tending towards the higher numeric segment of the curve allowing me to set up a Control Objective to look at 'High Value Expenses' and their trends over various months.


So it is prudent to visit Field Statistics to set up Control Objectives or possibly reaffirm Control Objectives already set up.


Kind Regards