What audit committees need to know on data analytics in audit.
Most organizations are keenly aware that they must make better use of the masses of data available to them. This is as true for the audit as it is in other organizational areas. While transformative change must always overcome a certain amount of inertia, companies are recognizing the advantages offered by an analytics-based audit, from providing auditors with a more comprehensive understanding of the client company’s business, to providing the company and its shareholders with more granular and detailed information on which to base key decisions.
This is an evolving process for everyone involved, so it's important for ACs to stay on top of developments and satisfy themselves that the right questions are being asked and answered.