Webclass 93: How can you build a successful data analytics team in internal audit?

Q1. How could you counteract the argument that data analytics is not necessary because the audit team already have total balances per third-party?

Q2. Why might the auditors still want to use data analytics, even if they have access to SAP transaction codes?

Q3. Why might sampling not be sufficient for internal audit?

Q4. Why might auditors want to move on from only using Excel for data analytics?

Q5. Why is it important for the “normal” auditors to be in constant contact with the data analytics team?

Q6. Should the “normal” auditors or the data analyst work on assessing risk based on the results of the data analytics tests?

Q7. When we use data we don’t need to take samples anymore

Q8. If we are doing a completely new data analytics test on a new system, we should need about a week to get the data analyst to complete everything

Q9. If we are doing standard data analytics tests on SAP then we might not need to do the technical specification and functional specification steps

Q10. In the fieldwork and the report draft it is important to get feedback/ confirmation from the auditee on the issue and recommendation

Q11. What is the most critical step to complete before starting on analysing the data?