IIA Nigeria November 5, 2019 No Comments

Big Data and the Internal Auditor

Big data and analytics are widely predicted to transform the way internal audits are conducted, especially in the areas of risk assessment. For instance, analytics enable the access to the entire database and mining the data to obtain key elements. This allows deeper and more relevant insights, making it easier for them as professionals to focus on the main areas of concern, and to point out the high-risk areas with strong evidence.

By integrating analytics into internal auditing, internal auditors are now expected to deliver more enhanced quality and coverage, as well as provide more business value to their organisation. The managements and stakeholders seek improvements in business analytics and quality of data for better forecasting and decision-making. This actually helps to create more opportunities for internal auditors because they can now perform with greater assurance.

Every day, organizations are introducing creative and innovative ways to use big data. Practical applications of big data can be found in retail, public, private and nonprofit organizations, for example.

Analyzing data to create business value is not a new concept; however, it is becoming increasingly important to interpret data more quickly and base business decisions on the resulting insights. Organizations that effectively acquire and leverage big data are able to capitalize more quickly on emerging business trends, shifts in customer demands, and operational efficiency opportunities. This ultimately enhances the opportunity to improve customer satisfaction and maximize the organization’s success.

As big data programs are implemented and modified over time, internal auditors should remain engaged and monitor these efforts, in accordance with Standard 2010 – Planning and Standard 2030 – Resource Management. In doing so, internal auditors must maintain requisite knowledge and skills, and dynamically alter their risk assessment and audit coverage model to account for any changes (see Standard 1210 – Proficiency).

Big data is evolving rapidly and will continue to present risks and opportunities for organizations and internal auditors for the foreseeable future.

 

Shared by;

IIA Nigeria Media/IT Coordinator

 

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IIA Nigeria June 28, 2019 No Comments

The State of the Internal Audit Profession in Africa

 

 

In 2015, The Institute of Internal Auditors (IIA) launched an African Development Plan designed to build capacity of the internal audit profession across Africa. As the global leader of the internal audit profession, The IIA’s intent is to elevate the profession on the continent to meet or exceed the expectations of the profession’s key stakeholders.

 In conjunction with the World Bank, The IIA released The State of the Internal Audit Profession in Africa (Phase I), which assesses the factors that contribute to the current status of the internal audit profession across 11 countries in Africa, including Nigeria. The valuable insights gleaned from extensive in-person interviews and research outlined in the report helped to identify several areas of focus to build capacity of the profession in the region. 

The analysis of the situation in Africa found there is a greater need for effective internal audit in the public and private sectors, awareness of the internal audit and its contribution to governance is limited, and training resources are inadequate. 

Kindly review the entire report and also share with your stakeholders by using any of the links below to download the report.

 

Download the report for a comprehensive review of the profession by country.

OR

www.theiia.org/StateofIAAfrica.

OR

https://global.theiia.org/knowledge/Public%20Documents/State-of-the-Internal-Audit-Profession-in-Africa.pdf

 

Regards,

 

Humphrey Okorie

CEO, IIA Nigeria