Webclass 84: Stop! Are you sure that the Data Analytics project is for the IT auditor?

Q1. Out of all the examples given for data analytics projects, which ones were the biggest successes?

Q2. Is it a good idea to start-off by training the financial/ process/ compliance audit managers on the “Why” about data analytics?

Q3. It is a good idea to let the data analytics team work on what they think is interesting?

Q4. Should data analytics be used to identify areas of risk prior to the audit planning?

Q5. Should the head of internal audit ensure that the audit plan has data analytics woven into it?

Q6. Is it a good idea to have a talented/ dedicated data analytics team that is embedded into the “normal” audit team?

Q7. Is it normal for auditors to gladly switch to using data analytics when they become available?

Q8. Why is it better to compare the total net movements per account between the general ledger and the trial balance, rather than the total debit and credit?

Q9. Would a financial auditor be more interested in seeing the total movements per general ledger account or the balance per general ledger account?

Q10. Is it an exception if you have a customer outstanding balance, despite a credit limit of zero?

Q11. What mistakes did we make in the analysis of journal entries on the weekend?

Q12. Why might some auditors or data analysts not understand or see the point in the statistics on bank out dashboard?

Q13. Why might some auditors not use Data Mining?