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ARTICLE · 31 MARCH 2016

Audit Committee Spotlight: The Audit Committee Has A Role In Influencing Data Analytics Usage

Grant Thornton LLP
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Incorporating data analytics into the internal audit function makes tremendous sense given the increased regulation on businesses, especially in banking, health care, insurance and financial services organizations.

United StatesAccounting and Audit
Warren Stippich
Warren Stippich
Matt Petrich
Matt Petrich
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The audit committee can play a key role in influencing a chief audit executive (CAE) — and consequently an organization — about the importance of incorporating data analytics and data visualization into the internal audit function. Data analytics is the process whereby different types of data (enterprise, third-party, internal/external, etc.) are put into a format where analysis can be done with the goal of identifying useful information that better supports corporate decision-making. Data visualization is used to better understand the significance of those analytics by allowing the review of the data in a visual context. Data visualization can help the internal audit team identify key patterns, trends and correlations within the data that might otherwise go undetected.

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