IIA-Australia Factsheet - Data Analytics Planning

IIA-Australia Factsheet - Data Analytics Planning

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Author

IIA-Australia

Date

 2022

Topics Explored

Internal Audit

Format

Factsheet

Extract/Description

For internal auditors, data analytics are used to test controls and validate that business risks are managed. This generally occurs at a point-in-time when an audit or assurance activity is scheduled. 

Key Points

  1. Data analytics allows historical, real-time or predictive insight into business and control issues. 
  2. While not every internal audit engagement will require the Standards indicate that due professional care requires the use of such techniques wherever appropriate.
  3. To ensure there is proper consideration of data analytics, a formal assessment tool, such as a data analytics checklist, should be used.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate