Internal Audit: Current Costs and the Future Role of Analytics

 

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It should come as no surprise that the cost reduction driven business environment we live in has resulted in not all public companies having internal audit. In fact, some public companies think they spend too much already on external audits.  All that may change soon as the U.S. Securities and Exchange Commission examines making internal audits mandatory in all public companies. This does not necessarily mean all U.S. publicly traded companies should brace for a huge cost increase. Leading analysts now predict automated analytics will soon be playing an important role in the effectiveness of internal audit. Using auditing analytics would allow organizations to examine large swaths of data while still maintaining high effectiveness at a low cost. After all, at the end of the day, auditing is not about cost saving, it is about keeping funds within the organization and stopping the criminal exploitation of an organization. Criminal action and a public scandal is an experience that outweighs penny pinching any day as far as C-suites are concerned.

 

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