Data analytics: Your 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:
- Management has identified, assessed and responded to risks above and below the risk appetite
- Responses to risks are effective but not excessive in managing inherent risks
- Action is being taken to correct situations where residual risks are not in line with the risk appetite
- 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
- 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.