While data analysis tools have been around for more than 25 years, the rate of adoption is growing exponentially due to the amount of data auditors are required to analyze. The use of data analysis technology is part of a bigger movement to help auditors increase audit coverage, perform more thorough and consistent audits, and ultimately increase assurance levels. There are numerous technologies to choose from, and this guide offers some assistance in selecting the right professional-grade data analytics tools for your department. Follow the step-by-step process to narrow your choices, then complete the Software Selection Matrix.
Data Analysis Process
The components of a robust data analysis tool
Software Selection Matrix
Use your needs analysis to rank the different features available in most professional data analysis tools. Need: 0=Needless; 1=Nice to Have; 2=Desireable; 4=Mandatory
Rank your top 3 software selections based on the features available. Rank: 0=Doesn’t satisfy requirements; 2=Satisfies; 4=Surpasses
Multiply the Need times the Rank to determine the Score of the software in each category. (Need x Rank = Score)
Total the scores in each category to get a weighted score.
Total the final scores for each category. The software with the highest total is the best fit for your company.