Date - Field Statistics in IDEA

Hi,

The Date - Field Statistics provide useful business and accounting insights into the data.

Loaded with useful features like 'Most Common Day', 'Most Common Month', 'Earliest Date', 'Latest Date', 'Items on Saturday', 'Items on Sunday', it provides immense reference points for the IDEA user to frame effective Control Objectives.

As an example - 'Earliest Date' and 'Latest Date' allows the IDEA user to conclude on prior period and post period items in any financial ledger file - Cut-off checks.

Count of Transactions from January, February, March .... up to December allow the user to have an overview on the quantum of business in different months. Now let's say there was a slow down in production in a particular month owing to environmental reasons or plant maintenance reasons. The user can conclude on disparity between the slow down month and count of transactions in the very same month.

From a pure Fraud Analytic perspective, transactions on Saturday and Sunday lends visibility into any activity done on a weekend.

So its prudent to visit the Field Statistics upon data import to seek a path into the realm of analytics.

Kind Regards

Jairam