Deeper insight through data analysis is becoming commonplace, increasing the value, commercial challenge and calibre of insight delivered to the business.
Internal audit functions are being required to provide greater transparency and insight into risks, with additional benefit realisation around efficiency and effectiveness of the business operation being audited.
Developing your analytics capability enables:
- increased efficiency delivering meaningful insight
- detailed identification of high-risk issues within your organisation
- detailed analysis of data sets to identify data trends, pattern analysis and derive value to audit and business functions
- improved quality and speed of decision making through data analysis which complements the audit evidence based approach
What you need to do now
Having worked with our clients in this area, we recommend that you:
- consider how data analytics can be used for established and new audits added to your plan, and integrated into your audit planning stages
- determine where the use of analytics and visualisation is appropriate in your current audit plan for maximum insight and value, and
- determine a strategy to maximise insight through analytics in terms of vision, resource competence, process, and visualisation tools.
How we can help
We have the experience, know-how and highly skilled staff to help you develop a data analytics, and visualisation approach using industry leading tools, that will help the internal audit function identify the high-risk elements within an organisation efficiently and effectively.
We have a wealth of expertise in providing insight through analytics and regularly host user groups, enabling your team to understand how other organisations are applying analytics and increasing awareness of upcoming trends.
Key areas where we are assisting our clients today include:
- Provision of data mining, visualisation and insight services.
- Data analytics strategy development to maximise the insights provided by your internal audit function.