Data about your organization can be a powerful tool, and internal auditors are increasingly taking advantage of a variety of technologies like IDEA Data Analysis to incorporate data analytics in their audits. Yet, the use of data analytics can easily go awry if the insights that they bring to the decision-making process are not properly…
Read MoreWhy You Need to Prepare Your Data
“When you’re cooking, preparation is an essential step. Ingredients need to be collected, peeled, marinated and put where you will be able to reach them when the oil is hot or the oven reaches the right temperature,” says Data Informed guest author, Bernard Marr, “this is also true in any business analytics and intelligence-driven process.”…
Read More5 ethics principles for Data Analytsts
Big Data is big. That much is obvious. What might not be so obvious is just how powerful and error prone it can also be. Susan Etlinger of Altimeter Group noted in her 2014 TED talk that “we can process exabytes of data at lightning speed, which also means we have the potential to make…
Read MoreDark data: You have the data, but do you need it?
Big Data equals big opportunities for organisations of all sizes. In fact, organisations that utilise data analytics in their decision-making process have a 5-6% better output, on average, than those who rely on experience and intuition. Lack of awareness has a part to play for this figure not being higher. The common misconception is that Data analytics is only suitable…
Read MoreThere is a 99% chance of an auditor being sued if fraud is not detected
The UK government last year estimated that the level of fraud in government spending represented just 0.02% of its total expenditure. Excluding tax credit and benefit fraud, the government detected between £27.6m and £72.9m in fraud out of its £306bn total expenditure in 2014/15. The National Audit Office’s fraud landscape review, however, found that there is…
Read MoreRedefining the Banking and Financial Industry
Big Data has, in recent years, become an ever more important part of how businesses operate in a number of different industries, yet despite this, the banking and finance industry (“FI”) has been slow to fully embrace the multitude of technologies available to them. Thankfully, there are signs that the industry is slowly starting to…
Read MoreInternal auditors urged to look at emerging risks
The IIA (Institute of Internal Auditors) has urged auditors not to be deterred by regulatory reforms, but instead to give extra scrutiny to risk in the areas that will be affected. A report compiled by the IIA found that whilst 66% of internal audit leaders held concerns regarding reputation risk due to faulty communications; only 9% provide…
Read MoreWhy you shouldn’t use Excel for your Data Analytics
Nowadays organisations of all sizes are appreciating the value and importance of big data to a number of different departments within their business, from human resources all the way through to internal audit. But this new-found appreciation for data analytics does not automatically lead to a new-found understanding of just which tools are the best…
Read MoreWho owns your data?
Data ownership is an often overlooked, yet vitally important detail to consider when dealing with data lakes. The sheer amount of data both organisations and individuals across the globe produce, has led some to consider data as a” next natural resource.” But with this new definition comes old questions: Who owns the data in your…
Read MoreFRC calls for more effective use of data analytics in audit
Contents 1. A brief history of data analysis 2. How prevalent is data analytics’ use? 3. How can data analytics contribute to audit quality 4. Enhanced audit quality through data analytics The Financial Reporting Council (FRC) has called for audit firms to do more to support the structured roll-out of effective data analytics (“DA”) techniques and…
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