Insights help with internal controls evaluation, fraud detection
Virtually all activities performed by internal audit functions can benefit from the use of data analytics.
According to a survey of nearly 200 chief audit executives and directors, the insights derived from data analytics have been found to deliver value in internal controls evaluation, fraud detection, compliance monitoring and other key activities.
Respondents said data analytics applied to a broad range of use cases across their duties, and they reported that increasing the use of data analytics provided a corresponding rise in the value derived from the technology.
But using data analytics effectively requires the right tools, people with the right skills, and an approach that is designed to maximize the advantages gained from using the technology. To help internal audit functions successfully implement data analytics and get the most out of their capabilities, Grant Thornton LLP worked with the Internal Audit Foundation (IAF) to develop a report on best practices for data analytics use,
Download the report: “Increase your data analytics ROI ,” and make sure you are using this technology to provide maximum value to your organization.