To increase the amount and depth of the analytics performed, steal some agile methods, and apply them to your audits.
If you’re not familiar with agile methods, check out the first 5 topics listed here (just click Next at the bottom of each page; the topics are quick to the point and full of pictures).
Briefly, agile projects are performed in cycles, or iterations, rather than in a long, linear-waterfall fashion, which is: do all planning, then field work, then reporting. Each iteration of the project creates some value and includes feedback, which is used in the next iteration to increase the value of the project.
In the previous post, Create a Team for Audit Analytics? Part 2, I explored the pros and cons of expecting all auditors to develop a level of data and analytic proficiency.
These auditors would continue to do audit testing that involves analytics as well as testing that does not involve analytics. In addition to keeping up their business skills, they would be learning and upgrading their data analytic skills.
In the first post of this series, I reviewed some of the pluses and minuses of creating a dedicated analytics team.
However, a third option exists, which is sort of a hybrid between having dedicated analytic auditors doing all the analytic work and requiring everyone to increase and develop their data and analytic skills.
Let’s explore the hybrid method in this post, and wrap up the series with a few final thoughts.
This is the third post of a 3-part series…