Imagine … internal auditors identifying risks + opportunities from data. Internal auditors can + need to grasp this opportunity to transform their role and industry. More >> grantthornton.com/data-analytics

1. Imagine an organization where internal auditors identify both risks
and opportunities from entire populations of data, transforming their
function from compliance-focused to a valuable business partner.
Internal auditors can and need to grasp this opportunity now.
Elevate internal audit’s value
through data analytics
Visit grantthornton.com/data-analytics for more information.
88%
Before having a meaningful conversation about
data analytics, internal auditors must understand
what it is and how it applies to them.
What does data analytics mean to internal audit?
How can internal audit elevate its value to the organization through data analytics?
believe there will be a
greater emphasis
on data analytics
in the next 3–5 years.
Top 3 ways internal
audit uses data analytics:
1 Analyzing trends
2 Monitoring compliance
3 Detecting fraud
Top 3 benefits derived
from using data analytics:
1 Audit process is streamlined.
2 Fieldwork time is reduced.
3 Fraudulent transactions are identified.
69%
of organizations
would like to
focus more on
data analytics.
1 2 3 4 5
6
7
8
Where do internal auditors see the
greatest opportunity
for utilizing data analytics?
• Identifying emerging trends (and therefore risks)
• Continuous monitoring for compliance reporting
• Detecting fraud, waste and abuse
By following the Data Analytics Framework
Implementing data analytics into internal
audit is no longer a question of if but
how. The framework provides tangible
advice for this important journey.
Visit grantthornton.com/data-analytics
for more information.
Internal audit must consider
broader organizational goals,
balance short-term investments
with long-term vision, and identify
ways to gain the assistance of
operational management and
process owners.
To improve internal audit’s
performance, strategic
investments should be made to:
1. Enhance the skills and
experience of personnel
2. Get the right data in the
right form to perform analytics
3. Discover the software
combination best-suited for
the vision
Source: Data Analytics: Elevating Internal Audit’s Value by Grant Thornton LLP and
The Institute of Internal Auditors Research Foundation
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Each internal audit group
should assess its current
capabilities in three areas:
People Process Technology
Develop
a Vision
Evaluate
Current
Capabilities
Enhance
People,
Process, and
Technology
Implement,
Monitor,
Evolve
After getting started,
periodically measure your
progress and be prepared
to adjust your data analytics
program to match your vision.