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 MoreIDEA UK User Group April 2017
AuditWare would like to thank all of the attendees, speakers, hosts, and third-party assistance, which made last week’s relaunch of the IDEA UK User Group such a rousing success. The User Group enjoyed a number of engaging and thought-provoking presentations, which covered a wide variety of industries, and offered a number of new and different applications of…
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…
Read MoreReported fraud in 2016 rose 31.5 per cent to £2bn
Reported fraud in the UK reached a five-year high, rising 31.5 per cent on the year to £2bn in 2016. Accountancy and business advisory firm BDO LLP has found that while the total volume of cases reported had fallen from 519 cases in 2015, to 504 in 2016, the average cost had risen 35.4% to £3.9m., with London & the South East and…
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