Automated Internal Audit

Routine, manual testing of key business processes and controls can be an inefficient way to provide assurance to the board and shareholders.  Many internal audit departments struggle to implement audit analytics due to reliance on or lack of skilled resources but mostly because of the complexity and difficulty extracting and understanding the underlying data. Delivering audit analytics results that are meaningful is not easy. Often the auditee finds many “false positives” in the results that can lead to less reliance on the audit finding and business improvement opportunities. Engagement of the first line remains a challenge to Internal Audit which need the business to own and manage their own controls.