At ACL we believe that audit technology is getting better and better at helping auditors serve their organizations. But as the internal audit profession continues to progress and change with advances in data analytics and automation, what does that mean for you?
Here are four analytics technology drivers that merit close attention as having the biggest opportunity to magnify audit value delivery:
1. Standardized analytic “apps”
Apps that are pre-configured with the knowledge to extract and analyze data for specific risks … in other words, if you have a standardized data source, like a major ERP system, there are now analytics apps that you simply “click play” to use.
Continue to make more use of less structured and dirtier data.
3. More textual analysis
Use linguistic sentiment knowledge to identify “hot” discussions and find other meaning in large bodies of text.
4. Easier-to-implement statistical tools
Make analytics more predictive and forward-looking.
Few people will be surprised to hear that technology is getting increasingly sophisticated in these areas—but we really don’t need next-generation tools to create billions of dollars in impact.
Instead, what we really need to do is re-imagine how we approach audit resource challenges.