Analytics in Auditing is a Game Changer

09-04-2018

2018 Internal Audit and Capabilities and Needs Survey Findings

With digitalization, robotics and business transformation gaining more momentum in organizations every day, internal audit needs to embrace analytics – and fast. 

Data analytics will be a game changer for the internal audit profession. Organizations worldwide are undertaking business and digital transformation initiatives, enabling changes that will have far-reaching effects on every enterprise function. Not surprisingly, the ability to utilize data analytics and “big data” to achieve competitive advantage and manage operations and strategic plans ranks among the top risk issues for board members and C-suite executives worldwide. Machine learning and robotic process automation are among the many emerging technologies and innovations with which internal audit functions need to keep pace or else risk being left behind.

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These issues are challenging enough, but for CAEs and internal auditors, the demands don’t stop there. Cyber security, enterprise risk management, fraud, vendor risk and corporate culture are among numerous areas that dominate 2018 audit plans for organizations worldwide.

In our study this year, we again take a look at how internal audit groups are leveraging analytics in the audit process, where improvements are needed, and also delve into the many priorities internal audit organizations have for the coming year.

4 Key Findings

  1. The use of analytics in auditing remains in the early stages
  2. Audit analytics may be more advanced among European and Asia-Pacific organizations
  3. There is a correlation between audit committee engagement in analytics and information the committee receives around internal audit’s use of analytics
  4. Fraud, cyber security threats, third-party risk, ERM and corporate culture are top audit plan priorities 

Top 8 Audit Plan Priorities for 2018

  1. Fraud risk management
  2. Cyber security risks/threat
  3. Vendor/third-party risk management
  4. Enterprise Risk Management – Align Risk with Strategy and Performance (COSO Enterprise risk Management Framework)
  5. Revenue Recognition Standard (Financial Accounting Standards Board [FASB] Accounting Standards Update No. 2014-09)
  6. Agile risk and compliance
  7. Auditing corporate culture
  8. Cloud computing

Read the 2018 Internal Audit and Capabilities and Needs Survey Findings

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