Use of Data Analytics Tools for Increased Efficiency in the Internal Audit Project Portfolio

Abstract

The constant evolution and dependence of technologies on corporate business activities and processes brought an increase in electronic transactions in company processes and, consequently, a need for transformation in the project portfolio of the Internal Audit area. Based on these needs, technological tools such as Data Analytics appear as technical support options for audit project managers to extract, model, improve and optimize the analysis and scope of the data. The purpose of this report was to present how the implementation of technological Data Analytics tools contribute positively to increasing the efficiency of the internal audit project portfolios. The results showed that the implementation of this type of technology during internal audit projects and processes could reduce the intensity of the work, expand its reach in the results and increase the efficiency of production in time and cover the cycles of audited processes. The use of Data Analytics has positive advantages for the AI ​​project portfolio and for the future of the area, such as better project planning, greater resource management, more comprehensive scope definition, agility in the execution of audit work, traceability and record of analyzes performed and performance increase.

Implementation model of data analytics as a tool for improving internal audit processes

“…Argue for the strong relationship between the strategic level and the other levels of the organisation as a key factor for joint success. Other authors such as Andrade et al (2021) state that the choice of audit projects must be made meticulously, so that they are aligned with the strategy of the organisation to which they belong.…”

“…The importance of replacing the sample analysis becomes evident if we take into account that a non-conformity, or deficiency not detected in a sample selected by the auditor, could extend its effects, causing inaccuracies in the rest of the processes (Andrade et al, 2021).…”

“…The application of data analytics in this process will consist of using the automated testing spectrum, scheduling it over time thanks to applications embedded in the analytics tool, and automating the entire follow-up process, from testing to the reporting of findings. In this sense, Andrade et al (2021) point to data analytics as the leading tool used to carry out a continuous audit of processes.…”

“…Thus, studies have shown that the use of data analytics in auditing represented a 44% reduction in time spent in the execution of audits compared to the same scenario prior to the implementation of the tool. Considering the number of tests performed, there was an increase of 80%, not to mention the increase in the sample size, which now considers 100% of the population of the audited period (Andrade et al, 2021).…”