Organizations are demanding more from internal auditors – a lot more. Technology plays a critical role in helping auditors assess risks, deliver value-added insights and strengthen controls to protect revenues. Data analytics is playing a critical role in the transformation of both how audit engagements are conducted and how internal auditors are recognized as value-add, trusted advisors within their organizations.
Top Reasons Internal Auditors Rely on Data Analytics
Bring in data from disparate systems to make data-driven decisions
Identify financial and operational risks before they significantly impact the organization
Review business processes to determine whether internal controls are effective
Move from ad-hoc analysis to a repeatable workflow to cover more ground
Increase efficiency levels to focus on higher-level work and conduct more audits
Communicate with top executives using easy-to-digest information using data visualization
With CaseWare IDEA®, you can easily import and blend data from almost any source to analyze 100% of transactions, report findings using visualization tools and automate repeatable processes without programming.
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Meet an internal auditor who uses IDEA every day to gain efficiency and recover hundreds of thousands of dollars in revenue.
Resources for Internal Auditors
Competitive Advantage
Trusted Advisor eBook
3 Ways Internal Auditors are Benefitting from Data Analytics
Get Answers Management Needs: Nothing gains you a seat at the table faster than using data to answer pressing business questions and present information they were not aware of before. Bring in data from different systems to compare and analyze vast amounts of data, which can be used to identify high-risk areas, trends and anomalies.
Cover More Ground: Data analytics streamlines the time-consuming task of gathering and preparing data, which can take up to 80% of your time. With built-in analytic functionality and the ability to analyze large volumes of information quickly, you gain a better understanding of the entity and its systems. Data analytics enables auditors to perform more frequent testing at shorter intervals to cover more ground, rather than focusing your audit work around year-end.
Boost Your Audit Quality: Built-in intelligence enables auditors to quickly identify high-risk areas early in the audit process that require further investigation. By tailoring your audit approach based on where anomalies, trends and correlations are present, you can focus on critical areas and produce higher-quality audit evidence.
Become the Trusted Advisor – Download the eBook
Data-savvy professionals are in high demand. Those who are on the look-out for opportunities to use data analytics, whether identifying trends or deterring risks, will always have a seat at the table. Our eBook, “How Internal Audit Can Become the Go-To Trusted Advisor,” includes tips and advice from professionals who have used technology to advance their careers and the role of internal audit.
Download your copy to learn:
Examples of how data analytics can be infused into all aspects of the audit
Tips for building an effective data analytics program
Assess your maturity level status and create a roadmap to increase your use of data analytics
Learn from professionals who have become trusted advisors within their organizations
Advice from experts on how to build, sustain and grow an effective data analytics program
