There has been much discussion about the increasing expectations placed on internal audit and the importance of technology – specifically audit analytics, continuous auditing and continuous monitoring solutions – to help audit achieve its goals.
Not only is internal audit expected to become more efficient and effective in performing its traditional assurance role assessing the effectiveness of risk management processes, but it is also expected to add value to the organisation.
How can the audit team do this? Largely by leveraging the benefits of data analysis techniques, which have been used for years, to improve business performance.
The model illustrates five progressive levels through which an internal audit department should be looking to evolve its use of analytics, and outlines the fundamental building blocks, in terms of people, process and technology that must be in place to optimise benefits.
“The Audit Analytic Capability Model provides clear guidance for organizations looking to improve their use of analytics. It’s how to talk to the business about the value of audit.”
Theodore K. Walter, CPA
Manager, Financial Audits, Scripps Health
ACL has developed unique solutions for each level of Audit Analytic Capability that help organisations track effectively expand the use of audit analytics.
Visit one of the ACL solutions areas below to learn more: