90% of survey participants still use Excel® for their scoping exercise when there are other third-party tools that can slice and dice risks and controls to optimize scoping.
Strategic use of your IT investment is a critical driver of competitive advantage. Our survey results suggest that this holds true for your SOX functions as well.
Leveraging your IT investment goes far beyond turning on various automated controls in the systems and automating testing. There is a real opportunity to use technology more strategically. Yet, we found only small percentages of our survey respondents are using more innovative technology-based techniques:
- Only 21% employ data analytics regularly
- 88% never use predictive modeling
- 65% do not use continuous controls monitoring
How often do you use the following as part of your testing process?
Tools used in the testing process
Most respondents either never or sometimes use advanced analytical techniques as part of their control testing process.
Among those who use them often or always, data analytics is the most popular technique.
We found that 90% of survey participants still use Excel® for their scoping exercise, when there are other third-party tools that can slice and dice risks and controls to optimize scoping.
What tools/software do you use as part of your scoping exercise?
<< Previous | Next >>