To create a successful analytics program in internal audit, you must have a plan. A plan that points to analytic North.
That requires WRITTEN goals.
In an earlier post I outlined 10 Signs Mgmt Doesn’t Really Support Analytics.
One of the signs that indicates management isn’t really serious about analytics is that management does not require every staff member to have measurable analytic goals.
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.
In my last post, I described Why Internal Auditors Should Care about Robotic Process Automation.
In this post, I’ll explore whether RPA can replace analytic packages like ACL, IDEA, R, and Power BI.
That might seem like a strange question, but a few managers and a VP have asked me just that recently. Here’s how I’ve answered it.
If you’re an auditor and you are not yet using Excel PowerPivot, you are missing the next greatest thing since spreadsheets arrived.
If you are NOT an auditor, and you don’t use PowerPivot, you’re in the same boat with the auditors mentioned above, and it is sinking.
In other words, if you use Excel, you should be learning Excel PowerPivot. It’s that big.
Let me explain why.
NOTE: I updated this post quite a bit with new info…
If you’re an auditor, you need data analytic skills or you will die.
Or put another way, if you don’t acquire them in the next 1-5 years, you will no longer be an auditor.
Pretty bold statement, isn’t it?
If you like Dilbert cartoons or big data, you might enjoy Dilbert’s adventures in data analysis, data mining, data privacy, security, and dealing with a dumb manager.
You can check for blank and invalid data in Excel several ways.
Depending on the size of the file and your preferences, you can either scroll through the dropdown list, sort each column from A to Z and then Z to A, or apply a filter.
Sometimes, you need to use a combination of these methods.
It’s important to know how these methods treat data differently and to be aware of their limitations.