ACL Blog – Why Data Analysis hasn’t been used more

2009-10-01

Why Data Analysis hasn’t been used more

By Mike Vilimek

When speaking with those working in the internal audit profession, it is rare to find someone who doesn’t believe in the advantages data analysis when conducting audits where data exists. Even the industry experts agree…

PwC – State of the Internal Audit Profession Study 2009

“Internal audit’s data analytic capabilities, instrumental to effectively examining the large volumes of data readily accessible through ERP systems for anomalies and other fraud indicators, are now even more critical.”

Ernst & Young – Global Internal Audit Survey 2008

“Leading internal audit functions use data analytics for numerous activities, including risk assessment, planning, execution and reporting.”

So why do many audit teams still struggle to incorporate data analysis into more of their audits? The most common responses:

• We don’t have the technical skills
• We don’t have the training
• Our data analysis specialist is overburdened with requests

In other words…data analysis is hard…and only a handful of technical people on our team can do it.

Recognising these challenges, ACL AuditExchange 2 focuses on making data analysis easier and more accessible to every member of the audit team. Now, for the first time, everyone on the audit team, even those with no prior data analysis experience, can take advantage of the power of data analysis.

Find out more: ACL Blog