What is internal audit analytics?
It is a data driven method to test the internal controls to identify risks of various business processes in an organisation.
5 Steps to perform internal audit analytics
Step1 - Define the risk & control matrix for the business process in scope
Step2 - Prepare the list of testing criteria to test the controls in place
Step3 - Gather the relevant data from the IT system (ERP) to perform data driven control testing
Step4 - Gather all transactions that fails the control testing process and tag them as exceptions
Step5 - Build a visual dashboard and report the exception
Common business processes where internal audit analytics is applied
- Procure to Pay
- Order to Cash
- Record to Report
Professional certifications for internal audit analytics
CIA
Top 5 companies who hire internal audit analytics professionals
EY, PWC, Deloitte, KPMG, BDO
