From the course: Building a Data-Driven Audit
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Traditional vs. modern audit approaches
From the course: Building a Data-Driven Audit
Traditional vs. modern audit approaches
- Imagine you're on a hunt for gold on a deserted island, and you decide to check only 40 spots out of a billion possible locations before giving up. What are the chances of finding the treasure? Slim to none. That's what a traditional audit approach is like. There are two main approaches to conduct an audit, typically referred to as the traditional approach and the modern approach. The traditional approach relies on sampling and manual verification. This requires the auditor to take a sample from a population of data and perform a manual review. Not only does this take a lot of time, there's a lot of room for mistakes. On the other hand, the modern approach leverages new technologies, which allow you to do more with your audits. In fact, according to the Institute of Internal Auditors' Vision 2035 report, 92% of respondents agree that leveraging these new technologies is key to enhancing the value that internal audit can provide. Specifically, technologies such as data analytics, as…
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