4.8 Using Data Analytics, BOTs and Machine Learning in Continuous Auditing
The presentation will focus on the following areas:
- Explain different continuous auditing techniques. Specifically, data analytics, BOTs, and machine learning.
- Advantages of sampling versus population testing. Using a few use-cases illustrate the difference between sampling and population testing.
- Advantages of deploying a continuous auditing program and how to develop a continuous auditing program.
- Explain the process of converting audit tests in illustrated examples into a BOT. Many use-cases where data analytics, BOTs and machine learning routines that have been practically deployed will be shown (e.g. duplicate payments, analyzing aging of inventory, reading and extracting information from PDF or excel files), with explanations on how to identify candidates for creating BOTs.
- Explain the skill sets required to perform data analytics/create BOTs/machine learning routines and the role of Auditors and Data Analysts.
- Explain the common tools used in performing data analytics/creating BOTs/machine learning routines.
- Explain how a monetary value could be assigned to an audit finding – i.e. how to quantify the impact of the control deficiency using data analytics.
- Explain how using data analytics/BOTs/machine learning routines in continuous auditing, will result in identification of high-quality value-added audit findings and recommendations and improve the overall control environment of the Company.
- Finally, explain how data analytics and continuous auditing will enhance the Power of Internal Auditing.