The Current State of Internal Audit Data Analytics

The explosion in the use of digital channels and the data they produce have caused a corresponding rise in the use of data analytics by the risk management and internal audit functions within financial services firms seeking to streamline their processes to gain efficiency and adopt a more agile approach to risk management. The internal audit function has been using data analytics for some time but it remains in its infancy in terms of maturity.

In this article, Protiviti’s Michael Thor explores some of the trends and challenges associated with internal audit data analytics, including responses from the most recent Internal Audit Capability and Needs Survey.