You asked, we answered - ‘How to get the right data for your audit in 3 easy steps’ webinar
In case you missed it, last week we hosted the webinar event, ‘How to Get the Right Data for your Audit in 3 Easy Steps’ in collaboration with AuditNet. The session provided information on how auditors can identify, obtain and verify the data they need to meet their audit objectives. Below are some of the questions the audience asked our guest presenter, Scott Jones, PE, CIA, CRMA.
Q: One of our challenges is getting management buy-in when requesting data. What are some tips and strategies for getting management buy-in for direct data access?
A fundamental key to getting management to support your data requests is having audit objectives that clearly benefit the company. Having a game plan that you can show management will identify what you are trying to do and why direct access to data is required. For example, let’s say one of your objectives is to mitigate fraud or cyber security by determining the number of personal employee emails that take place at your company. With direct access to email log files, you can use data analytics to sort by service provider, summarize the number of emails/employee, or stratify by time of day to examine any unusual activity (i.e., work hours vs. weekends/holidays or analyze incoming emails to identify common domain addresses). Clear objectives will demonstrate the difficulty you may have in meeting that objective if you don’t have complete information.
Q: What is the best and most efficient way to get staff proficient in using data analytics?
Encourage staff to be willing to learn: Being willing to absorb information about data analytics like a sponge will arm you with experience and help you add value. As organizations increase their use of technology and the data generated also grows, they will look to auditors to pull together data from every department to complete company-wide analysis.
Test out the tool: Jump right in and access some of the built-in functions in the analytic tools to look at your data differently. With a few clicks you can display your data in different ways to look at the maximum value of a population or field, the minimum, the average, standard deviations, completeness gaps, etc. In minutes you can learn about your data visually, which can help you with your audit objective because this can point you to the areas that require further analysis.
Start small: The key to becoming proficient with analytics is to build upon success. Small successes build confidence and show management the value of data analytics. However, at some point you need to develop a plan and objectives in order to achieve audit goals. Focus on your objectives, not on the tool. The tools will have the functionality you need to meet those objectives.
Q: What are some of your biggest tips/tricks to use within CaseWare IDEA?
I would suggest visiting the CaseWare Analytics Youtube channel to see their videos illustrating tips you can implement immediately.
To hear more about the strategies you can implement to get your hands on the data you need, click here to listen to the full recording of the webinar.
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