in everything we do: Internal Audit
Data analysis is a technique that is used to explore plausible relationships among both financial and non-financial data in order to derive greater insight into the operations of entities and the risks that they face. This technique is a key component of the Internal Audit framework and one we are equipped to execute.
Analytics based activities are deployed across the entire service delivery cycle of our Internal Audit engagements from the initial risk assessment to the execution of the audit to the continuous monitoring of results. Embedding analytics into our Internal Audit engagements allow us the opportunity to provide higher long-term benefits to our clients by better managing overall risk, minimizing costs traditionally spent on lower risk areas and increasing the value of findings by generating more timely and relevant analyses.
Using data analysis allows internal audit teams to gain a better understanding of the operations by looking at the transactions in a different way. Data Analysis empowers our auditors to analyse 100% of a population of transactions and identify trends and anomalies, as well as, gain insights to risks, control effectiveness, and process performance.
There are stories in your data. Using data analysis techniques, we have the opportunity to translate the mass of transactions into valuable insight around your operations. Patterns may emerge and we may be able to identify unexpected transactions and trends which will allow us to focus on these as indicators of higher risk.
We have a dedicated team of Internal Auditors skilled at data analysis and able to use our suite of data analysis tools and techniques to support several aspects of our internal audit services.