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Auditors see increased demand for data analytics

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Internal audit departments are increasingly relying on data analytics technology and hiring more people who have sophisticated data analysis skills, according to a new survey.

The survey, by the consulting firm Protiviti, polled more than 900 internal audit professionals and found that 73 percent of those whose organizations perform analytics said demand for data analytics has increased, especially among organizations using so-called “best practices.”

“At a high level what we’re seeing matches and mirrors what we’re hearing in the business community in this day and age, that people desire an increase in digitalization and robotics,” said Brian Christensen, executive vice president of global internal audit and financial advisory at Protiviti. “But clearly within the audit space, the use of data analytics is considered the best practice of today and the future, so audit professionals in our survey indicated they clearly acknowledged that. In many situations they’re still at the early stages of adopting and implementing these types of tools to better their audit process.”

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