The current business environment - characterised by compliance regulations, fraud schemes, and operational inefficiencies - requires organisations to adopt innovative ways to assess and manage risks.
Data analytics and continuous auditing (CA) can help internal audit (IA)
departments simplify and improve the audit process by increasing operational
efficiencies, reducing costs, and detecting potential fraud.
Due to lack of resources, many organisations find it difficult to design
and implement CA processes internally. As a result, many of these organisations are beginning to effectively leverage data analytics to adopt more mature, repeatable, and sustainable CA processes. Once data analytics is integrated into the audit work plan, it can help implement repeatable and sustainable data analytics processes.