Data analysis is defined as the extraction of data from a company’s information system in order to perform data selection, classification, ordering, filtering, translation and other functions to provide meaningful information about business processes. Internal audit’s strategic data analytics objectives include ensuring that software is easy to learn and use; minimizing reliance on IT professionals, ensuring reliability, portability and scalability; and supporting the development of automated and continuous programs.
This document can be used as a guide to understanding and reviewing an organization’s data analytics process and outlines strategic objectives for internal audit. These include:
- Software is easy to learn and use.
- Reliance on IT professionals is minimized.
- Reliability, portability and scalability occur.
- Data integrity and security process are in place.
- Development of automated and continuous programs is supported.
- Documentation is improved and compatible with electronic work papers.