From the course: Building a Data-Driven Audit
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The value of the data-driven audit
From the course: Building a Data-Driven Audit
The value of the data-driven audit
- What is an audit? A simple Google search mainly focuses on the examination of financial records to uncover fraud or inaccurate tax returns, but it's a lot more than that. Auditors should also be looking at an organization's operational processes and internal controls to make sure things are working as they should and contributing to the organization's ability to safely and successfully achieve its objectives. One way to think about audits is by breaking them down into three key elements, people, processes, and technology. You want to be able to verify that processes used to operate the business are designed effectively and working as intended. The technology and systems that support business operations should be implemented in accordance with specified requirements, and the people working within the organization should be equipped with the appropriate level of skills and knowledge to be able to use the technologies in compliance with the organization's processes. Let's look at one…
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