IIA-Australia White Paper - A conceptual framework for effective audit analytics

IIA-Australia White Paper - A conceptual framework for effective audit analytics

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Author

David White MBusOps, BEc, CIA, CISA

Date

 2023

Topics Explored

Internal Audit

Format

White Paper

Extract/Description

By performing data analytics auditors are able to examine entire populations of data, see linkages between disparate functions connected by data, identify fraud, and understand the ongoing operating effectiveness of controls in the business control environment. But data analytics can be hard to conceptualise and even harder to implement.  This white paper provides auditors with a conceptual framework for establishing an approach to each audit involving analytics, together with guidance around planning, performance and reporting of data analytic audits.

Key Points

  1. The auditor must be clear on the aim of the analytic. 
  2. The dataset used in the analytics should be checked at several stages throughout the audit. 
  3. It is important that the right tool is selected for the audit analytic to be performed.
  4. The analytic being performed must be the right analytic to fulfil the objective.
  5. The analyst must have a strong understanding of the way in which the data was created.

Relevant Industries

All

Level of Assumed Knowledge

Expert