Analysing data isn't new. But with the rapid advances in analytics technology making it easier and cheaper to cross reference all sorts of data from a myriad of sources, people are starting to look at what additional insight can be gained from looking at "dry" reporting information such as audit data.
So what about tax - if you enhance the way you analyse data for your tax reporting, will there be a worthwhile additional payback from hidden broader value? The short answer is yes: not only are you likely to cut the cost and improve the accuracy of tax compliance, you're also likely to pinpoint and quantify other potential cost savings and better ways of doing things.
The future of the audit industry: From masses of data, to meaning