Why is data analytics important in the internal audit process? And why should internal auditors approach data themselves? For several reasons, including that it helps improve audit quality and acquires better insights on a business. But there are many more causes that we uncover today.
Yusuf Moolla, Director and Co-Founder of Risk Insights, will help us understand the role of data in performance audits. Yusuf has over twenty years of experience in data and assurance. He previously worked for two Big Four firms, Deloitte and KPMG, leading audits and data projects worldwide. Yusuf is also the Co-Host of The Assurance Show, a podcast for internal auditors and performance auditors that focuses on data and risk, and Co-Author of The Data-Confident Internal Auditor.
In this episode, we discuss helping internal audit teams use data, why CFOs should support the use of audit data analytics, How a successful audit finds solutions across departments, using data for more effectively and higher-quality audits, among other exciting topics.
Helping Internal Audit Teams Use Data
Risk Insights is a consulting business specializing in using data for assurance projects. The company primarily works with public sector organizations and medium-sized corporations, providing performance and internal audits. Yusuf and his team help C-suite executives or senior managers use data for higher-quality audits.
“It is very simple for anybody to use data directly themselves”
Why Should CFOs Support the Use of Audit Data Analytics?
Aside from financial accounting, CFOs are involved in financial planning, forecasting, and strategy. To approach them effectively, a CFO needs to understand the data behind all processes by working with an internal audit team that has access to data across the entire organization.
“If you are looking to explore beyond financial, involving internal audits, and helping them get the data they need, can help you as a CFO”
Taking a Holistic Approach Towards Data
Most organizations are structured in departmental silos. Usually, managers know their data well but are poorly aware of other teams' data. But senior management wants answers and solutions to problems that affect the organization overall. Internal audit has access to data across the entire organization to understand organizational challenges holistically.
“A successful audit finds solutions across departments”
Using Data for More Effective and Higher-Quality Audits
Start using the data yourself, understand how it works, and analyze it. You'll get to better interpret the results and have a more accurate view of organizational challenges and processes.
“Many auditors will be able to use the data to answer the questions that they have almost completely themselves”
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