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 analyticsVisit 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

67

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

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/or refers to the brand under which the GTIL member firms provide audit, tax and advisory services to their clients, as the context requires. GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. GTIL does not provide services to clients. Services are delivered by the member firms in their respective countries. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. In the United States, visit grantthornton.com for details.

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Each internal audit group

should assess its current

capabilities in three areas:

People Process Technology

Developa Vision

Evaluate Current

Capabilities

Enhance People,

Process, andTechnology

Implement, Monitor, Evolve

After getting started,

periodically measure your

progress and be prepared

to adjust your data analytics

program to match your vision.