Webinar Recap: Data Analytics and the Small Audit Department
Last week we joined forces with Auditnet to co-host a webinar titled, ‘Data Analytics and the Small Audit Department – How to Implement for Big Gains’. Presented by Bob Cuthbertson, Chief Operating Officer of CaseWare Analytics, and Jared S. Soileau, Assistant Professor of Accounting at Louisiana State University, the webinar debunked the myth that only organizations with large audit teams can include data analytics in their arsenal of tools. Attendees learned how to start an analytics program and how to grow it over time to increase the effectiveness and confidence in the internal audit process.
Kicking the webinar off, Bob addressed some of the reasons that auditors are not integrating data analytics into their processes, including:
- The cost of training
- The cost of software
- Resistance from management
Bob noted that although some of the other barriers that prevent internal audit from harnessing data analytics to its full benefit still exist, such as talent gaps, access to data, and data quality, change is coming as reports from organizations such as Deloitte indicate that use of data analytics is expected to increase. The question is, though, where do small audit shops get started?
For his part of the presentation, Jared provided the answers to this question, encouraging attendees to move past excuses such as, “I don’t know where to start” or “I can’t because of limited resources”. It’s better to even perform ad hoc data analytics than nothing at all, and to focus on starting in areas where there are easy wins that will be most helpful to the audit process and will further the business’ priorities. Empowering employees is essential, as is defining your goals; the value added will depend on your goal, for example:
- Increasing revenue
- Reducing expenditures
- Managing risk
- Evaluating/improving controls, compliance and safety
To find out the rest of Jared’s tips and guidance for implementing data analytics into a small audit department, as well as the three main takeaways of the presentation, watch the full recording of the webinar now.
About Anu Sood:
Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development.
Connect: Anu Sood