In the previous post, Create a Team for Audit Analytics? Part 1, I explored the pros and cons of developing an analytics team.
This team consists of analytic auditors who are dedicated to analytic projects; they would NOT typically manage audits or testing that did not include analytics.
In this post, let’s explore another option for managing and growing analytics in an audit department — expecting all auditors to develop a level of data and analytic proficiency.
This is the second post of a 3-part series…
Once your audit team has proven the value of doing analytics consistently, the next question is: Do we create an analytics team and have the team do all (or the majority) of the analytics?
Or should we expect all auditors to develop some levels of analytics proficiency?
Of course, this question often comes a bit further down the trail on the analytics journey, but I think the sooner it is decided, the better.
This is the first post of a 3-part series…
Here’s the 5 things I’m hoping will change in 2018 regarding ACL.
They are all related to each other and feed off each other…
A recent IIA article on building an analytics function in internal audit is dead wrong.
At least on one major point, anyway. And it’s a big one.
As the tombstone reads, this point is D.O.A (dead on arrival, or more specifically, dead on analytics).
The article, Building a data analytics program, requires IIA membership to view, and is located at https://iaonline.theiia.org/2017/Pages/Building-a-Data-Analytics-Program.aspx (that’s actually good, as it means a lot fewer people will ever read it).
Some Chief Audit Executives (CAEs) and audit managers tend to think that audit automation is a set-it-and-forget-it process. NOT.
In this post, I want to expand on a problem I mentioned in an earlier post , 10 Signs Mgmt Doesn’t Really Support Analytics.
Audit management too often thinks that once a process or an audit is automated, ALL auditor/staff hours previously spent performing that process can be reassigned elsewhere.
That is not the case at all.
If your department doesn’t track metrics on your analytics, you are probably not doing analytics or you are making little progress in analytics.
In either case, its obvious that analytics isn’t very important to your management.
Which is one of the points I made in my post, 10 Signs Mgmt Doesn’t Really Support Analytics.
So far, I have encountered very few audit departments that track meaningful metrics about their analytics.
Counting the number of projects that include analytics isn’t enough.
Your management says it wants more analytics, but does it really support analytics? Here’s 10+ signs that indicate that your mgmt:
- Does NOT knows what it takes to get analytics off the ground
- Believes that analytics multiply like rabbits, naturally
- Is NOT willing to make the adjustments required to deliver and sustain real value.