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CIIA's Embracing Data Analytics Report

Here's the latest report from the Chartered Institute for Internal Auditors, 'Embracing Data Analytics':



Key findings include:


  1. 60% of internal audit functions are already using some for of data analytics, an additional 7% having advanced to AI. However, this still leaves a third yet to adopt data analytics.

  2. The top three risk areas for using data analytics are financial (62%), fraud (17%), and legal and compliance (6%).

  3. The top three benefits of using data analytics include greater level of assurance (48%), 100% audit coverage (21%) and enhanced efficiency (14%).

  4. The top three barriers to fully embracing data analytics include lack of skills (49%), lack of resources (24%) and lack of time to implement (12%).

  5. Only 17% expressed concern that internal auditors could be replaced by robots in the future. Instead, data analytics and AI can free up internal auditors’ time to focus on strategic and systemic risks that could be coming down the track.



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