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Data Analytics: The Key To Risk-Based Auditing

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The risk-based approach to auditing is the new standard for any successful internal audit. According to the Institute of Internal Auditors, by taking a risk-based approach internal audit can conclude that:  

  1. Management has identified, assessed and responded to risks above and below the risk appetite
  2. Responses to risks are effective but not excessive in managing inherent risks 
  3. Action is being taken to correct situations where residual risks are not in line with the risk appetite
  4. Risk management processes, including the effectiveness of responses and the completion of actions, are being monitored by management to ensure they continue to operate effectively
  5. Risks, responses and actions are being properly classified and reported

Download this whitepaper to learn how auditors can assess, respond to and analyze the risks they encounter during a risk-based audit.

 
Success with audit technology 

Learn about the success these auditors are having using IDEA.

                                                

 

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Data Analytics: The Key to Risk-Based Auditing