A recent study, conducted by the IIA, states that two thirds of Internal Audit functions are now using Data Analytics while a third have yet to adopt a programme as part of their standard audit processes, despite the clear benefits of having 100% data coverage, a greater level of assurance and improved efficiency.
The top 3 barriers preventing progress being made are: –
A lack of skills
A lack of resources
Time to implement
This does not surprise us in the least and these challenges are often the reason why clients come to us for support. It is difficult to build, engage and right size Data teams internally. Other barriers we have come across include :-
Data Analytics is often seen as a side of the desk job, a learn when you can or a “would be a nice to have”
There can be an unwillingness amongst individual members of audit teams to assume control of its development and deployment without appropriate expert support and tuition
Instant results must be achieved in order for it to be worth it’s coin, putting in the time and effort and for it to receive the recognition it deserves
All these challenges are real for auditors, the latter being additional albeit frequently unobserved barriers that further explains why a third of audit teams are lagging behind adopting data analytics…a process that is proven to provide both higher quality results and financial savings over time.
If audits are to be improved and these figures changed, there needs to be a collective shift in mentality and an emphasis placed on removing all barriers that exist, perceived or otherwise, along with a commitment from audit leaders to challenge team members to take on the role and responsibility of catching up when it comes to Data Analytics.
How can we help?
Should you wish to discuss how you can start your journey into data analytics or accelerate and improve your existing programme then feel free to get in touch for an initial conversation. We have been providing training, consulting and expert resources in Data Analytics to audit teams for over 15 years and are here to help. Contact us – email@example.com