Internal audit continues to search for opportunities to provide deeper insights and value across the organization to address rising pressure from stakeholders, increased regulations, and a dynamic business landscape. To that end, 82% of internal audit functions surveyed in PwC’s 2017 State of the Internal Audit Profession Study have increased their investment in data mining and data analytics to facilitate monitoring of key trends and support continuous auditing. However, many functions are finding their analytics programs stalled and in need of a jump start.
PwC’s internal audit analytics professionals are helping companies shift their internal audit analytics programs into drive and embed analytics in a way that supports the entire audit program. We bring a combination of audit, data analytics, technology, and business knowledge to identify patterns, trends, and anomalous behavior using data. This leads to richer business insights and enables internal audit to position themselves more strategically within the organization.
Of internal audit functions have taken steps to integrate data analytics according to PwC's 2017 State of the Internal Audit Profession Study. However, a long road lays ahead as many seek to fully embed analytics into their audit program.