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.

The effective management of interest rate risk holds significant importance for European banks within the ever-evolving banking industry.

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). 

Imagine a company in which everyone can do what they like… no rules, no supervision. Wouldn’t that be a chaos? Corporate governance is important because it encompasses the set of principles, the rules by which all employees should act (policies and procedures, responsibilities by each job position, etc.).

When it comes access to funding, Basel 4 will be a game-changer for both banks and corporations. The legislation, which is the finalization of Basel 3 and will take effect in 2023, would reform global bank capital requirements, affecting corporate lending in Europe and the Nordics in particular.

Have you ever wondered how to connect everyone with risks? How to capture the attention of the Board to this important issue?

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

How would you know if your company is protected from fraud? If you don’t know, let’s tackle fraud risk!

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.

Chime, Coinbase, IZettle, MetroBank, Barion all are fintech companies…if carry out due diligence, do you know what to check?

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:

Sea level rises, air, water and land pollution, deforestation, resource scarcity…how exposed is your company to climate risk? These factors are affecting any country’s economic activity.

Let’s see: are you sure that your risk-based approach is effective? If you haven’t updated it during the year…if only the Internal Audit talks about risks…or if the budget is not related to it…well, it’s clear: the risk-based approach is not effective.

If risks were considered a key part for internal auditors, in 2022 risks are a must. Audits should be risk-based and agile, responding to emerging risks. For this year, top risks include:

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.

Is not about the services a bank offers… Neither it’s app. Is about whom are you going to trust your money; and this is linked to the bank’s quality service.

How to do it? Here are some tips to improve fraud prevention and detection: