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22128The Audit Report

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  • Dan Swanson
    Jun 28
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      So, Why Are You Still Not Using Data Analytics?
      Chief Audit Executives (CAEs) have repeatedly stated that data analysis expertise is a much-needed skill in internal audit, and surveys over the past 10 to 15 years have rated data extraction, data analysis, and analytical software as critical tools for effective internal audit organizations. Why then do more than half of internal audit shops—according to those same surveys—still rate their analytic capability as poor or needing improvement? The answer is that they have not approached data analytics with a clear plan of action.
      Five Reasons to Audit the Risk Management Function
      Whether an organization's risk management function is focused on traditional insurable risks or broader enterprise-wide risk management, an audit of the risk management function should be among the first priorities for a chief audit executive. If a separate risk management department does not exist, the role of internal audit in risk management is even more important as fewer resources are dedicated to the process of identifying risks. With this in mind, here are five ways organizations can benefit from having internal audit evaluate the risk management function.
      Striving for Clear and Precise Language in Report Writing and Business Communications
      We've all seen ambiguous and imprecise language in the business world, whether in standards and regulations, our own policies and requirements, or in everyday reports and memos. It’s not there by accident, says Jeffrey Ritter, a data security and governance expert, but eliminating it is critical.
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