Course Overview
Internal auditing plays a crucial role in risk management, fraud detection, and compliance assurance within organizations. Organizations in a variety of industries use data analytics daily. For instance, internal auditors can use data analytics to find and define risks, outliers and anomalies that could reveal deeper problems. No matter the industry, however, most analysts today rely on software and artificial intelligence to organize large data sets for analysis. Businesses have increasingly complex digitized processes. Data analytics can collect data from these operations and find trends and variances that can help define risks and inefficiencies. It can visualize this information, and auditors can use it to support their findings and suggestions.
Data analytics can improve internal audits, but only with proper planning. Auditors need to select the correct tools and approach or the analysis will not support their work. This course is designed to enhance the data analysis skills of audit professionals, providing them with the necessary tools and techniques to leverage data for effective auditing. The course builds upon foundational knowledge and introduces more advanced concepts in data analysis, empowering participants to extract meaningful insights and detect anomalies in financial data.
Course Duration
5 Days
Who Should Attend
- Internal auditors
- External auditors
- Audit managers and supervisors
- Compliance officers
- Financial analysts
- Risk management professionals
- Professionals involved in audit data analysis
Course Objectives
- By the end of this course, participants will be able to:
- Understand and apply intermediate data analysis techniques in audit processes.
- Utilize various data analysis tools and software effectively.
- Interpret and visualize audit data to identify trends and anomalies.
- Conduct comprehensive data-driven audits.
- Enhance decision-making capabilities through data insights.
- Improve efficiency and accuracy in audit reporting.
- Apply ethical considerations and best practices in data analysis.
Course Outline:
Understanding Data Analytics in Auditing
- Descriptive Analysis
- Diagnostic Analysis
- Predictive Analysis
- Using Big Data in Auditing
Foundation Review and Advanced Excel Techniques
- Review of basic data analysis concepts
- Advanced Excel functions for audit professionals
- Data Cleaning and preparation techniques
Use of Data through the Audit Lifecycle
- Data in Audit Planning
- Risk Assessment
- Execution
- Reporting
- Monitoring
Advanced Data Visualization
- Introduction to advanced data visualization tools (e.g., Tableau, Power BI)
- Creating interactive dashboards for audit reporting
- Visualizing audit findings effectively
Fraud Detection and Anomaly Identification
- Common fraud patterns
- Statistical techniques for anomaly detection
- Case studies on fraud detection in financial data
Predictive Analytics and Integration with Audit Software
- Introduction to predictive analytics in auditing
- Integration of data analysis tools with audit software
- Practical exercises on predictive modeling for audit risk assessment
Machine Learning Concepts for Auditing
- Introduction to machine learning in auditing
- Application of machine learning algorithms in fraud detection
- Understanding model interpretation and validation
Data Ethics and Privacy in Auditing
- Ethical considerations in handling sensitive financial data
- Compliance with data protection regulations
- Case studies on data breaches in auditing
Cybersecurity Awareness for Audit Professionals
- Cybersecurity risks in auditing
- Integrating cybersecurity considerations in audit planning
- Best practices for securing financial data during audits
Customized Training
This training can be tailored to your institution needs and delivered at a location of your choice upon request.
Requirements
Participants need to be proficient in English.
Training Fee
The fee covers tuition, training materials, refreshments, lunch, and study visits. Participants are responsible for their own travel, visa, insurance, and personal expenses.
Certification
A certificate from Ideal Workplace Solutions is awarded upon successful completion.
Accommodation
Accommodation can be arranged upon request. Contact via email for reservations.
Payment
Payment should be made before the training starts, with proof of payment sent to outreach@idealworkplacesolutions.org.
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