The IIA has released a practice guide entitled “GTAG 16: Data Analysis Technologies.” This guide aims to help CAEs understand how to move beyond the tried and true methods of manual auditing toward improved data analysis using technology. After reading this guide, you will:
- Understand why data analysis is significant to your organization.
- Know how to provide assurance more efficiently with the use of data analysis technology.
- Be familiar with the challenges and risks that you will face when implementing data analysis technology within your department.
- Know how to incorporate data analysis at your organization through adequate planning and appropriate resource structures.
- Recognize opportunities, trends, and advantages of making use of data analysis technology.
To further assist CAEs and other individuals who use this guide, we also have included a detailed example of the application of data analytics to procurement control activities in Appendix A. Consistent with where most data analysis starts, these examples are largely focused on simple data matching and reperformance of automated system functionality used in providing assurance.