Data Analytics in Internal Audit: Where Do You Stand?
Data analytics are a necessity for the modern internal auditor — but many teams have yet to fully embrace the possibilities, according to findings from a recent survey conducted by the Chartered Institute of Internal Auditors (CIIA) and AuditBoard. Read their research report to understand the current state of audit analytics, opportunities, and challenges.
Data is vital to making risk-aware decisions in today’s volatile environment. Without a clear understanding of how their organization is handling systemic risk — supported by accurate data — stakeholders may be met with unanticipated poor business outcomes.
According to a CIIA survey of internal audit functions, more than two-thirds of respondents are using some form of data analytics, but nearly one-third are not using any at all — and of those using data analytics, many are still in the early stages. Of those applying analytics, 69% are doing so on a planned but transactional basis and only 3% report being at the furthest end of the maturity curve with fully optimized analytics adoption.
By not developing its data fluency and analytics capabilities, internal audit faces a potential credibility crisis. Digitalization was accelerated by the pandemic. Internal audit must accept this reality by viewing the organization, its activities, and risk controls through a data lens, and integrating data analytics to enhance its service delivery. Failure to do so will mean internal audit is in danger of losing relevance.
A joint report from the CIIA and AuditBoard, Embracing Data Analytics: Ensuring Internal Audit’s Relevance in a Data-Led World, examines the current state of data analytics in internal audit and identifies areas of opportunity as well as challenges to progress
Download the full report to learn:
- How your data analytics maturity level compares to peer organizations.
- The biggest benefits of implementing (or maturing) audit analytics.
- Key considerations for developing your audit analytics strategy and upskilling the function.
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