Price-PricewaterhouseCoopers (PWC) issues its State of Internal Audit Professional Study Report annually. The most recent report focused on the differences that exist between “observers,” “followers,” and “evolvers”.
Internal audit data analytics strategy
According to the study, organizations that embrace technology and incorporate it into their strategic plans often have better internal audit results.
What is avolver?
Avolvers are defined by PwC as organizations that are as far advanced as technology adoption. Meanwhile, followers usually lag behind, thus adopting these techniques later. On the other hand, observers do not pay attention to these technologies. It is worrying that the PwC report states that 14% of organizations are Evolveers. Nevertheless, 75% of Avolvers consider their internal audit functions to be excessive.
How do Evolvers use collaboration tools?
43% of followers and 74% of Avolver partners use the device. With the maturity of your audit program, more stakeholders should be involved in the audit process. For example, intranet sites and shared tools facilitate cross-functional communication among all internal stakeholders. However, these tools still require you to manage reminders and conversations. As the number of stakeholders increases, you also need to increase the amount of administrative follow-up tasks.
In many audits, time allocation is an important performance indicator. Nonetheless, workflow conflicts undermine the effectiveness of internal audit functions. Audit documentation and close documentation gathering is the primary reason why audits end longer than their allotted time. The Chartered Institute for Internal Auditors states that communication between internal auditors and audit managers reduces the time management burden.
Gathering audit evidence allocates time, as risks that are not controlled require additional investigation.
How Avolver uses audit planning and risk assessment tools
Avolvers often focus on implementing an analytics strategy that helps them build a robust risk management strategy that focuses on prioritized risks. You should be aware of the risks facing your organization. It is an integral part of the enterprise risk management process. Governance, risk management and compliance (GRC) should not only focus on risk assessment from time to time, but also on continuous monitoring and evaluation of the environment.
In cyber security, continuous monitoring is important because zero-day attacks can reduce your actions at any time. Since cyber security risks can change at any point, you should review the threats as they arise as this will help you achieve a strong audit, compliance and security stance. Although open source intelligence (OSINT) has been in use for years, collecting and analyzing big data allows your organization to incorporate it.
How to use Evolvers ongoing monitoring and reporting tool
Tools that help you formulate a strong risk management strategy can also help you monitor and report on auditing of your safety, security, and continued effectiveness. It is advisable to take a safety-first approach to audit and compliance. However, this requires automation and artificial intelligence. You need tools that can help your audit department establish what has happened, what is currently happening, and what is likely to happen in the future.
By using analytics capabilities, you will be able to incorporate forecasting results that pose a threat to your data environment. For example, PWC’s “What to Expect from AI” report suggests that artificial intelligence helps malicious actors rapidly pursue malware.
If you are using similar predictive techniques in an effort to increase your analytics maturity level, you are less likely to experience a security breach. Having fewer security breaches allows you to maintain a reasonable security level, which reduces regulatory-required and standard best practices. It likewise guarantees effective data security.
How Evolve maintains continuous auditing capabilities
The first step towards maintaining continuous auditing capabilities is to review potential risks. Next, you need to ensure that you maintain a robust and reliable cyber security control system. It is equally important to prove that you have mitigated potential risks as part of your organization’s internal audit processes.