Marcum Technology Introduces Intelligent Prism
Data Analytics for Today’s Audit Departments
New York City, NY – Marcum LLP’s Marcum Technology division today announced the launch of Intelligent Prism, an automated data analytics service for accounting firms that do not have the internal data analytics capability requisite for today’s audit departments.
Intelligent Prism transforms the audit process by automating client data consumption and analysis, to increase audit quality, efficiency and profitability. Using robotic process automation (RPA) and other Intelligent Automation (IA) technologies, Intelligent Prism processes and standardizes large volumes of data to produce clean, consumable data sets. Converting data to a usable format and extracting the precise information that’s needed helps audit firms overcome a “same as last year” mentality to deliver more value to clients and meet deadlines more quickly and cost-effectively.
“Traditionally, auditors have faced the constant challenge of working with data in whatever format they receive from clients. Manually sorting and analyzing data is not only inefficient, it diverts auditor talent from higher-value strategic services. By automating and streamlining the process of data consumption and analysis, Intelligent Prism supports decision-making and enables firms to better capitalize on their professionals’ strategic strengths,” said Peter Scavuzzo, a Marcum partner and CEO of Marcum Technology.
“Intelligent Prism is the most recent example of how Marcum is harnessing technology not only as an investment in our Firm’s future, but to help advance the accounting industry as a whole,” Mr. Scavuzzo said.
Intelligent Prism can be leveraged to produce data on demand for a broad range of applications. The service also enables upgraded data governance to turn data into a strategic asset.
DATA-ON-DEMAND services include:
- General ledger (GL) analysis and completeness testing
- 100% journal entry (JE) testing with custom transactional scoring
- AR and AP aging
- Inventory acquisition cost-to-sale price
- Depreciation recalculation
- Investment price testing and categorization
- Vendor-to-employee approximate comparison
- Sampling (random, stratified, monetary unit sampling, or attribute)
- Summarization by one or multiple attributes
- Data extraction based on user-provided criteria
- PDF-to-Excel conversion and formatting to the firm’s specifications
DATA GOVERNANCE services include:
- Automating data quality and monitoring solutions
- Ensuring compliance across critical business processes
- Delivering accurate information for executive dashboards and corporate reporting
- Enhancing IT audit and internal controls
About Marcum Technology Marcum Technology helps companies identify and mitigate risks across their people, processes, and technology. Marcum Tech is focused on helping businesses become more responsive, profitable and sustainable through solutions to their technology challenges. Marcum Technology offers a full spectrum of digital advisory services, infrastructure solutions and services, strategic IT consulting, and cybersecurity & digital forensics.
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Marcum’s industry-focused practices offer deep insight and specialized services to privately held and publicly registered companies, and nonprofit and social sector organizations. The Firm also provides a full complement of technology, wealth management, and executive search and staffing services. Headquartered in New York City, Marcum has offices in major business markets across the U.S. and select international locations. #AskMarcum.