Internal Audit - Data analytics as enabler for supporting the realization of business objectives
Internal Audit has to contribute added value in realizing business objectives and support performance improvements initiatives proactively.
Both 'risk and control evaluation' as well as data analytics are competencies needed to realize such aim. These competencies have to be aligned to perform any activity effectively. Data analytics could be used to establish process improvement within and beyond Internal Audit (e.g. contribute value to planning).
A pro-active Internal Audit:
- performs controls testing and risk assessment on afrequent basis (near real-time) and in an automated manner
- identifies risk areas before they have an impact on the business and is perceived as proactive in identifying risks and improvement opportunities
- transfers knowledge to business to achieve overall optimization