Optimising financial processes

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Something to Consider: Data Analytics Game Changer for Internal Audit

Something to Consider June 2018 1

Optimising Data Analytics for Internal Audit

With ever growing demands for deeper insights into strategic risks, analytics and robotics are top priorities. By leveraging effective data analytics strategies, a business can boost efficiency, while improving the quality of risk evaluation. Data analytics has continuously gained importance for the internal audit function, enabling them to find insights buried within internal workflows and cultural habits, improving efficiency and gaining valuable insights.

However, despite the enormous potential, the use of analytics in auditing remains in early maturity stages. While 76% of organisations in Asia Pacific and Europe currently employ data analytics in their auditing efforts, only 58% and 59% respectively believe the data available to be analysed is up to scratch. The gap is even more pronounced in the US, where while 63% of entities use data analytics in their auditing process, 28% said the data available was of high quality.

This report reinforces the need to make another strong push on exploiting data through analytics to enhance the value and effectiveness of audit. It gives a detailed ten point programme to help ensure auditors are gaining maximum benefit from their insight. You can find it here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.