How Leading Practice Internal Audit Shops are Using Data Analytics
In the last five years many new data analytics systems have been launched that are much more user-friendly than before and internal audit shops no longer need an expert data scientist to start utilizing many valuable opportunities with data analytics. However, they do need to know how to effectively and efficiently utilize data analytics to further their business goals and security.
In today’s increasingly competitive environment, internal audit shops should be experimenting with the beginning stages of data analytics maturity such as verifying data integrity, developing descriptive analytics by developing dashboards, and possibly even running rules based testing as a form of diagnostic analytics.
As your data analytics maturity increases and you invest in expert resources, you can move to more advanced stages of maturity. This includes developing predictive analytics, then possibly even prescriptive and semantic analytics.