Webclass 44: Transform Your Audit Summit 2022

Q1. What did most attendees think was the most important aspect of helping your team to transform into data leaders? (single choice)

Training: give auditors continuous training over time and 8/ Set out a clear strategy and a clear framework and implement the framework over a 2-3 year period, including training, job roles, goals, bonuses, updated audit framework, budgeting, sponsoring, etc

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Update the risk control test matrix to include data analytics results

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Q2. Did Shweta get all the team trained on how to program data analytics? (single choice)

No, she got some help from the IT department and focused on what they wanted to do and why

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Yes, she got everyone trained on ACL

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Q3. Which areas did Shweta mostly use data analytics for? (single choice)

Travel & Expense analysis and journal entries testing, as well as the automation of some of the SOX controls in order to go quicker

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Inventory leakage and fraud investigations

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Q4. Did Shweta’s team manage to get into data analytics immediately? (single choice)

No, in the beginning they were a little bit overwhelmed and confused, but after some time they worked out what they wanted to do and why, as well as getting some help from IT

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Yes, they were able to step into data analytics and get it set up within a week or two

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Q5. Did Shweta’s team already have some tools in place before they started out on the data analytics journey? (single choice)

Yes, they already had ACL, Audit Board and some other tools

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No, they had to search for the good tools from a variety of different vendors

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Q6. Does Shweta advise to talk to different vendors and other internal audit teams in order to share ideas for data analytics? (single choice)

Yes, she advises talking to software vendors and networking in order to learn more, as well as attending conferences, also those held by the IIA

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No, she says that you need to work out with IT more what is relevant to your own company

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Q7. Does Shweta aim to get real-time data analytics in place (single choice)

Yes, because she says it can help auditors to be more proactive, which helps management, rather than just looking at issues reactively

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No, she says that it is more the role of internal control to be able to see real-time issues and that the business also should do that – but that this is not really the role of the auditor

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Q8. Does Shweta think it is important to plan out the time and a budget up front? (single choice)

Yes, she believes that it is important to plan out what you want to automate, who will do it, the budget you can use etc

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No, she says that you should see as you go what data analytics could be done on each audit

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Q9. Does Shweta think that we should plan all data analytics in advance for the entire audit universe? (single choice)

No she thinks that we should look at bringining in data analytics one chunk at a time, first SOX, then T&E, etc.

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Yes, she thinks it is more efficient to plan out all data analytics for the entire audit universe in advance

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Q10. Which success factor did our panellists end up having at the top of our ladder as being the most important success factor for integrating data analytics into internal audits? (single choice)

Understanding the why

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Respecting the guidance from the IIA

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Webclass 44: Transform Your Audit Summit 2022 – sneak peek

Webclass 44: Transform Your Audit Summit 2022 – sneak peek

admin June 9, 2026

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