Auditors and Data Analytics

 

In 2017 there is strong evidence that auditors are rapidly getting up to speed with the use of data extraction, data analysis and data matching. And many audit teams, during the planning phase of an audit determine whether the testing elements of the fieldwork phase of an audit should be driven by Computer Assisted Audit Techniques. Or, in other words, the audit should include the use of Data Analytics as a key part of the approach.

At one time using data analysis tools, whether purchased for the purpose, or, whether they were in-house tools such as MS Excel turned over to audit use, would have been a strategic decision based on the working knowledge of IT of the audit function. And, often an individual that specialised in IT Audit would have been co-opted to assist in this work, probably based on the assumption that they would have had more in-depth knowledge of software.

However, the world has changed and the familiarity of users with apps on phones, corporate dashboards overlaying risk capturing systems, and presentation graphics appearing in the media has created the presumption that most of us with a little bit of upskilling and a few user-friendly tools can tackle the world of data analytics in a way that was unheard of previously.

Tools to help the job

Our team at Mindgrove is constantly watching out for trends and searching for tools to improve audit efficiency and we occasionally come across free easy-to-use software that can help produce good data analytics. So we’ve decided that, when in future we find tools that you might be interested in, we will post a link to them on our data resources pages.

We hope that will help you to shape your work. Why not visit our download pages today, and see what is waiting – we’ve even put a link below to get you there!

Regards, the Mindgrove Team.