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Data analytics in internal audit report helps auditors assess benefits

The Chartered Institute of Internal Auditors (CIIA) has published a report on the use of data analytics in internal audit, aiming to help organisations to assess potential value before committing to resources required.

The report, Data analytics: Is it time to take the first step, featured case studies revealing the benefits of implementing data analytics; Coca-Cola Hellenic, Credit Suisse and Dublin Airport Authority. The report provided questions to ask the Audit Committee in order to facilitate a discussion across all levels on the challenges of using or not data analytics.

Ian Peters, chief executive of CIIA, said:  “We live in the era of so-called Big Data. There’s no doubt that there are rich gains to be made in utilising these vast datasets and creating metrics to produce valuable insights that can support the management of risk. The use of data analytics offers improved efficiency – freeing up internal audit time to focus on areas of particular strategic need.”

The full report is available here.

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