Over the years, digitalisation or ‘digital culture’ has become a top priority for companies. Management decisions are now based on expansive data and its analytical outcome. Many firmly believe digitalisation, combined with analytics, is critical to an organisation’s strategy and growth.
Changing world for auditors
Auditors, with their understanding of the business, financial performance and its associated risks, are best positioned to help organisations evaluate the effectiveness of data handling and management.
The biggest change auditors will face over the next few years is the way risks are identified and the role data analytics will play in this journey.
Benefits of using data analytics in audit:
- Enhance efficiency and effectiveness
Develop high-precision analytics tests to reduce the audit risk
- Use repeatable tests
Prepare data analytics tests once that can be used multiple times with focus on analysis of exceptions and outliers.
- Identify and mitigate risk
Enhance ability to assess risk of material misstatement with focus
on elevated risk areas
How can we help
Grant Thornton’s internal audit (IA) and attest delivery engagement teams leverage audit analytics and integrates it in their service delivery approach. Our Analytics Centre of Excellence (CoE) comprises techno-functional experts and works closely with the IA and attest delivery engagement teams.
Apart from expertise in various analytical and visualisation tools, Grant Thornton has its proprietary state-of-the-art analytics platform, CLEARR Insights, which processes millions of records in seconds to provide actionable insights.