Data analytics is a hot topic for internal audit departments. In Protiviti’s most recent Internal Audit Capabilities and Needs survey
, data analytics figured among the top ten priorities for internal audit professionals, and chief audit executives (CAEs) ranked big data and business intelligence their number one priority. The profession is aware that businesses are now more data-driven than ever before, and that not utilizing this data can be detrimental to the proper evaluation of risks and controls and, more importantly, meeting stakeholder expectations.
Incorporating data analytics into internal audit is a multistage process, with components introduced over the course of several years. By following the road map outlined in this article, the benefits of more efficient and effective audits will not be too far down the road.