Data Mining for Auditors - OAP215

Description

In this extremely informative three-day seminar we will cover all of the critical aspects of data mining that any auditor will need to know. You will understand they key approaches that need to be taken when utilizing data to be effective. You will learn how to define which data should be used for what purposes to maximize the outcome of your audit efforts. You will learn the 10 commandments of data mining and how they must be applied to insure the success of each and every audit engagement. You will learn what is required to effectively and efficiently use proven data to maximize your value to the organization. But even more important you will also learn how to realistically measure your value in real business facts that will be irrefutable proof of your contributions as an audit entity to the organization’s success.

If you don’t get ahead of the curve regarding the use of data in all of your auditing efforts, then by process of elimination you will be behind the curve. The audit functions that are truly world class and performing at maximum effectiveness are all data savvy and will dominate the practice of auditing at its highest level. You will leave this session thoroughly understanding the key ways to effectively determine the right data to use, and the right analytics to use them with in all of the right audit situations.

What you will learn

Objectives

Aligning the Audit Function with the Business:

• analyzing the roles of Audit in relationship to the business
• setting the tone for a data-centric audit process: physically mapping the enterprise
• defining the key audit disciplines used in a logically driven audit process
• the audit spectrum: today to the future
• traditional vs. continuous audit process
• virtual audit process for the 21st century

Defining Data Mining/Continuous Auditing

• what is data-mining
• what are data mining’s uses and why are they key
• the impact on the audit process as we know it
• defining the advantages to the business: what is the ROI?
• understanding the up-front costs and the long-term benefits
• defining the advantages to audit/consulting group
• the 10 commandments of data mining

Maximizing the Use of Data:

• the language of management
• defining data inventory in relation to the business structure
• closing the expectation gap
• performing more effective and efficient audits
• multi-purpose audit tools

Data Analysis Methodologies: Logically Focusing the Audits on Critical Business Concerns

• trend analysis
• pivotal points of change analysis
• mean dispersion analysis
• ratio analysis
• period-to-period comparisons
• data stratification
• profiling: the key to focused auditing
• data patterns: fraud factors a critical part of audit responsibilities

Defining a Continuous Audit Process for Maximum Effectiveness:

• establishing the key tools: auditing real time (ART)
• embedded audit routines (EARs)
• triggers
• metric oversight monitoring systems (MOMS)
• the Global Technology Audit Guide on continuous risk assessment auditing
• auditing near time (ANT)
• GAS

Focusing Reporting on Outcomes Not Outputs:

• redefining the audit report to a business-focused format
• example of a visual-centric audit report
• advantages of a visual-centric audit report
• maximizing your provable value to the organization
• building in follow-up tools: a byproduct of this methodology
• laying the baseline for future improvements