As businesses grow in complexity, leveraging more technology and handling more data, internal audit’s role is constantly evolving. Gone are the days when audit committees were satisfied with audit sampling and when manual controls testing was the best and only option. To keep up, many audit functions are turning to data analytics for help, but most never mature past ad hoc analytics.
Many CAEs or Internal Audit Directors know they should invest in data analytics, but struggle with understanding how to grow an audit analytics program. To help internal auditors evaluate their current analytics efforts and identify opportunities for improvement and optimization, Focal Point developed the Data Analytics Maturity Assessment.
For this assessment, our team leveraged respected audit analytics models and worked with dozens of clients to build a proprietary, tried-and-proven data analytics framework. Our data analytics maturity model consists of five phases and identifies specific activities in 10 different areas that can lead to a more mature audit analytics program.
Unlike our competitors, each member of the Focal Point analytics team has a strong foundation in internal audit, so they understand the unique challenges an audit function faces when maturing their analytics capabilities. Our team doesn’t just assign you a maturity score and leave you to figure out what you need to do next. Instead, they develop a roadmap tailored to your company’s unique structure and needs. From helping you set your analytics objectives to building an analytics team to dashboarding, our analytics professionals will provide actionable guidance for each stage.
The data analytics maturity assessment is framework-based and results-oriented, providing a clear picture of where you’re at, where you’re going, and how to get there.
Want to learn more about our data analytics maturity assessment or get a quote for a maturity assessment?