Using data analytics in audit to your advantage is possible

The significance of Environmental, Social, and Governance (ESG) issues in company operations has gained momentum in recent times.

Effective procurement procedures are essential for any business to succeed in the constantly evolving global marketplace of today. Over 30% of contracts perform poorly due to inadequate contract management, and at least 10% of corporate value is lost as a result of ineffective or inefficient procurement processes, according to the World Commerce and Contracting Association (WCC). 

Internal audits are a necessary for any organization that wishes to last a long time, be successful, and have a good reputation. Internal auditing provides management with a wealth of valuable information by providing an independent and objective review of corporate activities, allowing for unbiased and informed decision-making.

Internal Auditing in the sense independent assurance and consulting activity performed to add great value and improve an organization’s operations.

The audit in the sense a systematic and independent examination of activities to identify whether the evaluated activities were performed according to decided requirements.

From auditor to auditor: which areas of your company do you audit? The most common answers I’ve heard are two: a) the accounts that are related to money such as banks, petty cash, payments, purchases, etc. and b) the accounts that have a higher balance because when auditing them, a higher amount is being covered.

The audit has finished. Now is time to put it right in writing. And for some reason, although this step is the most important -in most cases-, auditors fail to do it right. The top mistakes detected:

The world is changing, thus the environment, way to do things, the companies. It’s essential to speak about the audit skills needed for 2022; either the ones you need to update or improve.