Data analytic tools are an integral part of any mature internal audit function. A strong data analytics program will help you simplify compliance efforts, perform automated continuous controls monitoring, visualize fraud, waste and abuse, and streamline audit tasks.
While analytic initiatives can take your audit program to the next level, many of them struggle to provide lasting value. In this paper, we’ve highlight five of the most common pitfalls that we see internal audit functions fall victim to when implementing data analytics into their operations. These pitfalls include:
Knowing these common mistakes and the strategies to avoid them will prepare internal audit executives to tackle issues head on, and launch an analytics program that meets short- and long-terms goals.