(PDF) Big Data Framework for Auditing Process | Andry Alamsyah - donkeytime.orgDigital disruption and transformation are contributing to increased expectations of Internal Audit. Boards, Executives, and Audit Committees are looking for their Internal Audit function to step up by moving beyond its role of a traditional assurance provider, and taking on a more proactive business-enabling role, positioning itself as a trusted adviser to stakeholders. In response, leading Internal Audit functions are innovating their processes - investing in data analytics, technology and tools. Their objective is not simply to automate isolated audit procedures but, to transform their function in order to unlock real value across the entire Internal Audit lifecycle. While data analytics has typically been used for data acquisition and fieldwork, we firmly believe that it can, and should, be harnessed across the entire Internal Audit lifecycle. From our research and interactions with Heads of Internal Audit HIAs and Internal Audit IA stakeholders, we have found that leading functions have moved beyond computer assisted audit techniques CAATS and are designing and deploying data analytics across their entire audit life cycle, leveraging the latest generation of data analysis and reporting tools. This is enabling a sharper focus on risk areas and business issues, as well as generating efficiencies throughout the audit process.
Data Analytics for Internal Auditors
Internal audit departments are being tasked with providing more value and delivering deeper insights through the projects they complete. It is a challenging responsibility because internal audit must stay ahead or, or at least even with, company strategy. So, as companies shift from being data generating to data powered, internal audit must take advantage of this using data analytics. Data analytics can be utilized to perform deeper and more thorough analysis, improve evaluation of risks and internal controls and identify fraud. While not all-inclusive, the following is a high-level overview of how data analytics can be leveraged by internal audit to benefit the corporation. In practical terms, data analytics is the process of examining data sets to draw conclusions about the information they contain, usually with the help of specialized software and systems.