Optimising financial processes

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Internal Audit’s Ongoing Resistance to Data – Five Whys!

We seen to find a lot of “elephants” in a lot of “rooms” these days.

Maybe that it as it should be.

Nicola Osinaike, founder of Audit Data Hub, and an experienced Internal Auditor and Manager, has shared an important article on the five reasons behind Internal Audit’s ongoing slow progress in embracing data analytics.

“Why are we not taking our own advice and challenging our own profession?”

To be clear, there are some shining beacons of hope out there, but the five reasons (and I will add my own, sixth) are worth contemplating and taking action on.

Unless we want to be destined to a future of diminishing relevance and as the graveyard of aspiration and high hopes. . . .

The key “Reasons Why” cited echo strongly in my own experience;

  • Acceptance of the “Status Quo”
  • A Hope that the “fad” will Disappear
  • The Need for a “Discovery based” approach
  • Fear of Failure
  • The Perceived Return on Investment and Time to Value
  • Fear of “Devaluing the Profession”

Nicola shares 3 recommendations to change the status quo;

  1. Be Honest
  2. Be Motivated
  3. Be Brave

“without data, all you have is an opinion”

You can read the source article here.

Thanks for readingĀ