OPINION

 

The use of Data analytics is not as developed and efficient as people may think for the following reasons : 

 

  • Data analytics tests are mainly meant to comply with legislations and not to cover all types of risks 

  • Most Data analytics tests are to simple to identify complex Fraud and cover basic mainly internal controls gaps

  • Source of data are not or poorly tapped  

  • Data analytics tools are not in place or underexploited

  • Lack of methodology to  set up the data analytics tests  

  • Strong reliance on data analysts and lack of autonomy or independence for people in charge of audits or investigations.

CAUSES

 

Why is this opportunity not taken by audit and forensics professionals :

 

  • Lack of confidence to start their data journey

  • Fear of the unknown and desire to stick to routine   

  • Lack of concrete examples to understand reasons to start or to go further 

  • Fear to invest in tools, people or trainings 

  • Lack of relevant training programms adapted to audit and forensic needs   

  • Lack of data governance management or tech oriented governance with no interest in audit and forensics needs