Audit transformation through innovation and technology
By capitalizing on the wealth of data now available from both your own business activities and external sources, internal audit (IA) can generate valuable new insights. Not only does this lead to greater assurance, it rewrites the rulebook on traditional auditing techniques. By embedding analytics in every phase of the audit process, IA can assist the business in navigating a world that has become more volatile, uncertain, and complex.
Benefits of an insights-driven approach
Deloitte IA Analytic Solutions
Business Process Analytics
Targeted analytics powered by Business Intelligence and Process Mining, solutions enable enhanced visibility and allow the business to meet its Compliance, Governance, Operational, and Strategic objectives across different business processes.
Risk Assessment and Scoring
Assess enterprise-wide risks by leveraging data from multiple sources and running it through a customized risk model, creating an objective view of risk across the audit universe.
Recovery Analytics and Vendor Audits
Gain strategic insights into how your organization spends money on vendors and identify recovery and cost-saving opportunities by analysing large volumes of transactions, which are stratified or clustered into relevant classifications.
Uncover patterns and observations that would not be obvious from reviewing statistics and numbers alone. Visualization of data shifts the balance between cognition and perception, allowing for greater use of visual perception. Interactive and automated reporting can convey audit results to Management in the most effective and efficient way.
Other Analytics solutions
These include development, visualization and monitoring of key risk indicators, analysis of company information from online publications and social networks using Risk Sensing technology, analytics for identifying risk areas in freight operations, materials pricing, IT spending, incident management, advertisement and media placement, and others
Capabilities of Digital Testing & Controls Automation (DTCA)
Our DTCA solution will help you automate the execution and testing of controls using rigorously considered methodology, analytics, tools, and technology. This will allow you to evaluate processes in real time rather than waiting for testing results, thereby flagging controls that fall out of the normal range and enabling process owners to deal with issues immediately.
Value across the enterprise
Introducing control automation techniques (for testing and/or execution) requires a proprietary four-phased approach:
- Analyze. Understand your current control environment, conduct a cost-benefit analysis, and prioritize the controls you wish to automate.
- Map & Extract. Identify and map data from various sources to create a consolidated data set that becomes a single source of truth.
- Build & Test. Write scripts and apply them to the consolidated data to automate control execution/testing.
- Finalize & Present. Present results through rich visualizations using executive dashboards and/or interactive control views. KRIs/KPIs are monitored for rapid response and resilience.
DTCA delivers meaningful business insights and improves outcomes
Below is a small sample of our results:
A 55% reduction in hours spent testing controls as a result of DTCA implementation. Highly skilled resources were redeployed to more complex and value-aligned activities (i.e., root cause analysis and process re-engineering).
DTCA analytics identified previously undetected breakdowns in governance over change management: 81% of change requests were fulfilled the same day they had originated, indicating systemic protocol violations that posed a heightened risk of improper changes to the IT environment.
DTCA is used by one organization to monitor that 100% of their terminated users are removed from company systems. This is accomplished by automatically checking HR master data against applications, databases, and infrastructure.