Take-aways from EY s series of Internal Audit Analytics roundtables over 2016
|
|
- Joel Ramsey
- 6 years ago
- Views:
Transcription
1 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016
2 2
3 Amsterdam Roundtable on Data Analytics for Internal Audit Over 2016 EY hosted a series of roundtables with key executives in Internal Audit (IA). The aim was to discuss the use of data analytics as support for the internal audit function in accomplishing its purpose. The debate helped shape the development of the Internal Audit practices and contributed to the broader ongoing discussion over the future of control and technology in the audit landscape. The roundtable sessions, hosted in Amsterdam, were attended by thirty heads of Internal Audit from major companies operating in over 10 industries including Energy & Resources; Consumer Products; Chemicals; Technology, Media & Telecommunications. This article summarizes the main questions, concerns and successes raised during the roundtable sessions and reflects the importance, and urgency, of using data analytics to reduce the cost of control, increase risk coverage and drive value for the internal audit practice. Data Analytics - DA is the manipulation of a complete population of data to obtain insight and foresight to improve performance, reduce risk and maximize business value. 3
4 4
5 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 Who is using IA analytics, and how Two thirds of companies present in the room did leverage data analytics in their Internal Audit function, this is less than the global norm, according to EY s 2015 Global governance, risk and compliance survey¹ over 90% of audit departments globally use analytics in one or more phases of the audit lifecycle. Although most internal audit departments do use analytics, it is often used on a basic level. The participants recognized this and expressed a general intention of increasing the level and expanding the use or analytics in the future. Figure1: use of IA Analytics at each phase of the audit lifecycle 1 Why use IA Analytics? The participants had different reasons to use analytics: Reducing the cost of control Increasing the audit scope Reducing the time on site Releasing time to deep dive on the most critical items They report to have achieved these advantages through automation of audit procedures, identifying exceptions prior to testing, performing analytics during the scoping phase to sharpen the audit program and doing analytics to scope geographies that need it which cuts travel expenses and minimizes the disruption for the auditees. 10% 90% IA Analytics deployed IA Analytics not yet deployed Using analytics saves us time on site, and lets us test 100% of the population as opposed to sample testing. The use of analytics can focus audit efforts on high risk areas, it enables the testing of 100% of transactions for many controls and opens the door to continuous control monitoring 13% 10% 18% 23% [Using analytics] to test 100% of the population lets our audit teams focus their full energy on testing the exceptions to the rule as opposed the rules themselves. 36% Risk assessment Planning Execution and testing Reporting IA effectiveness/performance [n=1196 CAE s] 1 EY s global governance, risk and compliance (GRC) survey 2015 ( 5
6 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 What are the challenges of deploying IA analytics? Despite the recognition of analytics as a value driver for internal audit, using it effectively comes with serious challenges. One of the major challenges in deployment is obtaining meaningful data. One participant stated that business processes and underlying data are often not clearly defined, this restricts the auditors ability to define and produce meaningful analytics. IT systems in general are becoming better integrated but the variety and quantity of data generated increases at a fast rate. In a sea of data, it can be difficult to identify the data that really matters. For auditors in organizations with an inheritance of legacy systems it can be more challenging to access key data sources. In this case, it is a sea of systems that prevents the auditors from obtaining the key data to run analytics. Business processes, and underlying data are often not clearly defined. This makes using analytics a challenge The majority of participants uses analytics but not in all audits. In some organizations analytics are deployed in as little as in 10% of all audits. One of the most common constraints to using analytics are time limitations. Data analytics are most efficient when performed in advance of the audit, arming the auditors with insights to follow up during the audit. To fully benefit from analytics, auditors need to plan ahead of the fieldwork and estimate how long the data analysis will take. One participant stated The time required to get access to data has prevented [the audit team] from defining their analytics needs before starting fieldwork. In these cases a common response is to skip the analytics and rely on familiar manual testing procedures. The time required to get access to data has prevented us from defining our analytics needs before starting fieldwork. An additional challenge is data literacy, we address this challenge on page 8 below. 6
7 Internal Audit Analytics Deployment Experience has taught us that the best way to view the challenge of integrating analytics into the audit is through the following model comprising four components: Define Analytics Defining the objective of IA analytics in terms of the information and output that IA needs, which controls and processes need testing, and what to do with this information once IA receives it; Produce Analytics The key elements for produce are data, technology and analytics data refers to the associated data models based on the defined tests, technology is the appropriate tech environment to deploy the analytics in, analytics is the actual analytics that needs to be run to fulfil the objectives and be used as a basis for the insights; Consume Analytics Audit teams consume the analytics, drawing conclusions from the information gathered and turning the data into insights and recommendations for future. Govern Analytics Determining who does what, when and where analytics are integrated into the overall audit lifecycle. How are skills, training and continuous feedback built into the process. These components can be integrated into the Internal Audit delivery model as shown in the diagram below. Figure 2. The define-produce-consume model of internal audit analytics 2 Without attention to each of these phases, as well as the process of governing analytics, the analytics program risks being misaligned with the objectives of the internal audit department, or worse yet misaligned with the objectives of the wider organization. The key challenges and leading practices of each component is discussed below. 2 Harnessing the power of data, 2014 ( 7
8 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 Define Analytics Defining the information IA needs with regards to analytics output is one of the most commonly overlooked components of analytics deployment and one of the most challenging to get right. Of the top 50 risks encountered during large scale analytics deployment, the highest ranked risk is the lack of alignment between the implementation and the overarching business objectives 2. One of the biggest challenges to clearly defining analytics needs is data literacy, in other words how well does your audit team speak analytics? This is key for the audit teams to understand what analytics are available given their scope and for them to clearly articulate their needs to the analytics professionals producing the output. The auditors themselves must have a basic level of analytical proficiency. One of the audit functions was in the process of embedding the analytics back into the audit teams. Analytics like pivots and joins can be done onsite. Developing strong analytical skills within the audit teams improves the connection between the analytics produced off-site and analytics actually used during the audit. How fluent are your internal auditors in speaking analytics? Another key challenge in the define component is keeping open lines of communication between the users and producers of the analytics. One participant pointed out that having one person [DA expert] is not enough. [Defining analytics] requires analytical skills, professional audit skills and knowledge of the business and system, all working together. In many cases no one person in the team has all three of these skills sets. It requires open and ongoing communication to define the right analytics for the audit. 8
9 Another leading practice is providing feedback from those using the analytics to those producing the analytics. After finishing [an audit], the team sits together with the analytics professionals to see which analytics added value, and to deciding which analytics to repeat in future. After finishing [an audit], the team sits together with the analytics professionals to see which analytics added value, and to deciding which analytics to repeat in future. Defining analytics requires analytical skills, professional audit skills and knowledge of the business and system, all working together The most common challenge for companies that do not clearly define their analytics needs is output that is not used. One participant mentioned that continuous monitoring using data analytics delivers ±250 reports per month, of which almost none are used by the IA team. On the risk of not defining analytics: data analytics delivers ±250 reports per month, of which almost none are used [ ] Participants agreed that objectives and requirements of data analytics have to be fully defined up-front to produce tailored output that can be used effectively. Producing analytics without predefined objectives results in analytics for the sake of analytics. Participants that were further along in the analytics journey provided several examples of leading practices used to overcome the challenges of defining analytics needs, including the use of mixed teams, defining an analytics library, developing analytical skills, and analytics feedback loops. The highlights of the discussion are described below. [Having a library of analytics] helps the audit teams pick and choose which analytics will best suit their needs during the audit There was consensus that a mixed team of analytics competencies, with a clear division of roles and responsibilities helps to achieve your analytics goals. This typically involves a team with both traditional manual audit expertise and auditors with analytical skill sets. 9
10 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 Produce Analytics The produce component involves the activities most people think of when they think of analytics specifically, the technical steps involved in the production of the analytical results. The approach towards the production of analytics has the largest direct impact on the quality and efficiency of analytical output. From the top 50 risks of large scale analytics deployment almost three quarters of the risks identified by implementation teams relate to the production component. Figure 3. Percentage of risks identified per phase of analytics deployment 3 12% 14% Define Produce Consume 74% Respectively the produce component also comes with some of the most technical challenges and requires the greatest shift in the way-of-working from pre-analytics deployment. One such challenge shared by almost all participants is gaining access to the data required. As discussed above, access is often limited due to data privacy policies, limitations in access and administrator rights, or simply not knowing who owns and manages data within the organization. One participants expressed that complex organizational structures and lack of consistency across entities in scope results in limited and inconsistent access to data. Complex organizational structures and lack of consistency across entities in scope results in limited and inconsistent access to data Access to data is made more difficult when the IT system landscape is fragmented and the use of legacy systems prevalent. the biggest challenge is accessing data from the ERP systems, especially with a mixture of legacy and customized systems. The biggest challenge is accessing data from the ERP systems, especially with mixture of legacy and customized ERP systems 3 Big Data, Big Risk? The top 50 risks of big data deployment (Jack Mills), EY,
11 Another commonly faced challenge with producing analytics is the issue of data quality. Data quality, or integrity, impacts the reliability of analytics outputs, garbage in, garbage out. As one participants observed, Data that is not produced for analytics is often polluted, sometimes you spend more time on fixing the pollution that on the actual testing. One of the major consequences of data pollution is the time it takes to extract and transform data into a usable form. This often requires technical skills and in some cases specific tools that may not be readily available to audit teams. Data that is not produced for analytics is often polluted, sometimes you spend more time on fixing the pollution that on the actual testing Producing reliable, fit-for-purpose analytics requires finding the right mix of people, processes and tools. From a people perspective, the majority of participants considered Data Analytics to be a key skill for Internal Audit staff. This is in line with the results from a global survey of 1196 CAE s. When asked what skills are most important to enhance their internal audit function data analytics ranked second highest after critical thinking ¹. Three quarters of participants however also stated that their internal audit departments currently lack analytical skills. What skills or knowledge do you believe are most important to enhance your Internal Audit Function? Critical/analytical thinking Data analytics Audit Risk management Deep industry experience Process improvement Business strategy Compliance/regulatory Fraud prevention/detection Technology Accounting Internal communication Project management Change management # responses 11
12 Take-aways from EY s series of Internal Audit Analytics roundtables over 2016 As described earlier a library of analytics containing a master list of analytics and queries is also an effective way to support the production of analytics. Typically an analytics library is organized around processes or functions and can be used, firstly by the audit teams as a menu of analytics to pick and choose their requirements, and secondly by those producing the analytics as a recipe or instructions for generating the analytics. Deploying an analytics library is the first step to simplify, standardize, & automate the analytics process. Another consideration expressed was that audit functions should ensure that Data Analytics capabilities grow in line with the business, meaning that internal audit function should keep pace, and even set the tone for how the business operates. The analytics capabilities of internal audit should be in balance with the analytics used in the first and second line of defense. To have analytics that are fit-for-purpose the audit function should avoid producing analytics for the sake of analytics, but also must not fall behind the business. Audit functions should ensure that Data Analytics capabilities grow in line with the business Consume Analytics The consume component involves turning analytics output into insights, that can be followed up by the audit teams to generate observations, root causes and recommendations for improved operations. The consume component is the bottom line of the analytics journey. Internal audits approach towards the consumption, or use, of analytics output directly determines how much value has been generated by the analytics process. A commonly shared challenge with using analytics, is a lack of analytical skills amongst the audit teams. Without an understanding of how the analytics are produced, it is difficult for the audit teams to follow up on the observations generated by the analytics. As expressed by one participant [having] a data analytics specialist in the Internal Audit department is not enough, analytical skills should be integrated in the whole department for it to work. [having] a data analytics specialist in the Internal Audit department is not enough, analytical skills should be integrated in the whole department for it to work In some cases using analytics is a big change in way of working, this requires a change in mind-set for analytics to be used effectively. As we move away from traditional auditing, we use audit planning to look were data is used and where data analytics would be useful. We first do high level analytics to see where the focus needs to be during the audit and where not. This approach requires a huge mind-set change for the team. Using data analytics requires a huge mind-set change for the team The biggest pitfall that almost all participants recognized regards the identification of false positives. Without asking the right questions and having the right data, analytics can produce false positives. It was highlighted that it is often better to rely on a mix of analytical and manual audit procedures before drawing conclusions and audit findings. Overcoming these challenges if often left to trial an error. But this need not be the case. Participants highlighted the following key lessons learned from using analytics. 1. Get the analytics on time. When you get the analytics can be just as important as what you get. The aim should be to deliver the right analytics to the right team at the right time. 2. Make room for learning. Training efforts are typically focused on those producing the analytics, training for the teams expected the use the analytics is sometimes forgotten. 3. Keep open lines of communication between those producing the analytics and those using the analytics. Two way feedback is critical for the analytics to be truly adopted. 12
13 Govern Analytics The Govern component of the analytics model brings the other components of define, produce and consume together and ensure they are effectively integrated into the overall internal audit lifecycle. Governing analytics is about making sure that the team has the skills it needs, that the right technologies are in place, and that the right policies and roles have been defined. It involves the management of skills and assets to make sure that the insights are delivered to the Board and the C-suite as promised. Crunching the numbers Integrating analytics into the audit function is no longer a nice to have it is a must have for the internal audit to fulfill its mandate. Firstly analytics is a key enabler in providing assurance to management and the audit committee through its ability to identify transactional level risks across 100% of a population. Secondly, through its ability to detect irregularities and inconsistencies in operational data analytics enables audit teams focus on the exceptions to the rules and get more quickly to the root of an issue. Over the course of two round table sessions with CAE s from 10 industries the participants were brought together through the shared challenges faced along the analytics journey. We thank the participants for their openness and willingness to share these challenges as well as their approaches to overcoming them. The overarching conclusion of these sessions was that, yes, integrating analytics is challenging, but also key to meeting the objectives of today s internal audit function. 13
14 Take-aways from EY s series of Internal Audit Analytics roundtables over
15 We invite you to continue the conversation with us For more information contact: Amaya Anton Gago Jack Mills
16 EY Assurance Tax Transactions Advisory Over EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate Legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com Ernst & Young Accountants LLP. All Rights Reserved. ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com/nl
ERM vs. Internal Audit
ERM vs. Internal Audit Differences and Overlaps Kuwait ERM Conference March 2015 Evolving expectations Risk Management Programs Organisations today are struggling with effectively managing risks across
More informationEY Center for Board Matters. Leading practices for audit committees
EY Center for Board Matters for audit committees As an audit committee member, your role is increasingly complex and demanding. Regulators, standard-setters and investors are pressing for more transparency
More informationContinuous Auditing - A Delicate Chemistry
Continuous Auditing - A Delicate Chemistry Continuous Auditing - A Delicate Chemistry - WeiserMazars LLP s Governance, Risk and Compliance (GRC) Group WeiserMazars LLP is an independent member firm of
More informationMake money, save money and manage risk
Make money, save money and manage risk The benefits of well-designed environment, health, safety and sustainability programs EHS and sustainability The opportunities and risks associated with environment,
More informationSurveillance Program Design and Behavioral Analytics Implementation
Surveillance Program Design and Behavioral Analytics Implementation Scott Jarrell Senior Manager EY #AnalyticsX C o p y r ig ht 201 6, SAS In sti tute In c. Al l r ig hts r ese rve d. EY Fraud Investigation
More informationEffective adoption of internal audit analytics in financial services institutions
Effective adoption of internal audit analytics in financial services institutions By capitalizing on the wealth of data now available from your own business activities as well as external sources Internal
More informationEY Advisory: Driving business performance
EY Advisory: Driving business performance Advisory EY s consulting practice Helping clients grow, protect and optimize their businesses Page 1 EY Advisory by the numbers 15,000+ Americas 20,000+ EMEIA
More informationThe winning tax transformation trinity. Data, technology and operations
The winning tax transformation trinity Data, technology and operations Panel Moderators Daryl Blakeway Director South Africa Tax Performance Advisory Anthony Davis Executive Director EMEIA Tax Performance
More informationThe new revenue standard
The new revenue standard Why is it so important? June 8, 2016 Agenda Overview Why should you care? The five step model Implementation challenges What should Companies be doing? Page 2 Overview Page 3 The
More informationDriving sustainable performance in the oil and gas sector. Supporting your health, safety, environmental and social goals
Driving sustainable performance in the oil and gas sector Supporting your health, safety, environmental and social goals EY s Climate Change and Sustainability Services (CCaSS) focus on health clients,
More informationThe trouble with culture:
Top of Mind Issues facing technology companies The trouble with culture: unlocking merger value is really about business behavior Top of Mind 2 Introduction In our experience assisting technology companies
More informationGo global: positioning your family business expansion across borders. Key considerations for accelerating your growth
Go global: positioning your family business expansion across borders Key considerations for accelerating your growth 1 Stay true to your vision When looking to grow your family business, it s just as important
More informationCloudy skies. How to bring clarity to your cloud platform in order to optimize your investment. September 2016
Cloudy skies How to bring clarity to your cloud platform in order to optimize your investment September 2016 The benefits of the cloud are clear Flexibility Scalability Accessibility Decreased initial
More informationEY Alumni Network Portal. How to register
EY Alumni Network Portal How to register EY Alumni Network Portal Visit the EY Alumni Network Portal then follow these five steps. Accept data privacy Set content EY Alumni Network Portal 1 1. From the
More informationData makes mobility work
Data makes mobility work EY 2015 Global Mobility Effectiveness Survey Executive summary Explosion of mobility-related data Global businesses say they are struggling to maximize the role data can play in
More informationIs inclusive leadership a powerful catalyst for growth?
Is inclusive leadership a powerful catalyst for growth? High-performing teams those that embrace the power of different opinions, perspectives and cultural references are a force to be reckoned with in
More informationThe past, present and future of service organization control reporting
The past, present and future of service organization control reporting Key takeaways from EY s Annual SOCR Client Conference March 2016 Study the past if you would define the future. Confucius b 1 Conference
More informationRisk reduction? Value creation?
The power of culture: Risk reduction? Value creation? Find out what applying a cultural lens to your organisation could reveal Measuring the effectiveness and value of culture and potential risks is one
More informationOut with the old, in with the new. Early reflections from EY s review of December 2013 annual reports in the FTSE 350 June 2014
Out with the old, in with the new Early reflections from EY s review of December 2013 annual reports in the FTSE 350 June 2014 A year of change in corporate reporting 2013 was clearly a year of change
More informationOperational Transaction Services
Operational Transaction Services Working with you to make your acquisition a success Operational Transaction Services Working with you to make your acquisition a success 1 Operational Transaction Services
More informationSarbanes-Oxley Act of 2002 Can private businesses benefit from it?
Sarbanes-Oxley Act of 2002 Can private businesses benefit from it? As used in this document, Deloitte means Deloitte Tax LLP, which provides tax services; Deloitte & Touche LLP, which provides assurance
More informationHow does treasury adapt to the finance function of the future?
How does treasury adapt to the finance function of the future? October 2017 The better the question. The better the answer. The better the world works. Contents 1 2 How does treasury adapt to the finance
More informationManaging complexity and change in a new landscape. June 2014
Managing complexity and change in a new landscape June 2014 Introduction Leaders of global asset management rms are driving their operations and technology organizations to transform business processes
More informationIntegrating COSO s Fraud Risk Management Guide on an Enterprise Scale
Integrating COSO s Fraud Risk Management Guide on an Enterprise Scale September 15, 2017 Vincent Walden Partner EY Atlanta Delores White Director, Internal Audit Southern Company Scott Hulsey Chief Compliance
More informationGrowing opportunity, growing business. EY s financial services practice in ASEAN
Growing opportunity, growing business EY s financial services practice in ASEAN Our team of almost 3,900 financial services professionals across Asia-Pacific and close to 1,700 in ASEAN connects to bring
More informationAML model risk management and validation
AML model risk management and validation Who we are EY s Anti-Money Laundering (AML) and Regulatory Compliance Technology practice is a global team of client-serving, financial services professionals.
More informationThe Value of Consulting Assuring Audit Committee & other Key Stakeholders of IA s Quality
The Value of Consulting Assuring Audit Committee & other Key Stakeholders of IA s Quality Shirley Machaba Africa IA leader, SA board chairman, Africa board member, Partner In Charge Menlyn/ Pretoria office
More informationAs meters get smarter, who gets the power?
As meters get smarter, who gets the power? The better the question. The better the answer. The better the world works. Of special interest to: Chief executive officers Managing directors Strategy directors
More informationMaking a fast start for your capital projects. Power and Utilities Maturity Model and Architecture
Making a fast start for your capital projects Power and Utilities Maturity Model and Architecture The situation Infrastructure is in a period of high investment; global power and utility organizations
More informationMaking culture count. Strengthening culture for better risk and compliance outcomes. February 2018
Making culture count Strengthening culture for better risk and compliance outcomes February 2018 Risk culture is the collective attitudes, perceptions, beliefs and behaviors that impact risk and affect
More informationrepresents a likely source of cost savings, improved business performance and stronger customer-facing capabilities.
Achieving operational excellence with EY and Guidewire EY Insurance Nexus EY Insurance Nexus The complete strategic offering for cloud-based modernization of core insurance technology for P&C carriers
More informationBuilding and operating the UK s infrastructure. Establishing your roadmap to success
Building and operating the UK s infrastructure Establishing your roadmap to success Building for the future The UK government has issued a challenge to the sector to remedy a 50 year backlog in investment
More informationIntegrated reporting. Communicating sustainable value creation
Integrated reporting Communicating sustainable value creation What is Integrated Reporting (IR)? IR is a significant evolution in corporate reporting, providing a business s investors and other principal
More informationThe future enterprise. A transformation road map for the automotive organization
The future enterprise A transformation road map for the automotive organization The view The Fourth Industrial Revolution represents an existential threat to companies in every industry. Automotive incumbents
More informationShareholder engagement and corporate reporting at a crossroads. February 2014
Shareholder engagement and corporate reporting at a crossroads February 2014 Will company boards, investors and auditors embrace new corporate governance changes so as to maximise the benefits to shareholders?
More informationHarnessing the power of data
Insights on governance, risk and compliance October 2014 Harnessing the power of data How Internal Audit can embed data analytics and drive more value Contents Introduction... 1 IA and analytics... 2 The
More informationImplementing Analytics in Internal Audit. Jordan Lloyd Senior Manager Ravindra Singh Manager
Implementing Analytics in Internal Audit Jordan Lloyd Senior Manager Ravindra Singh Manager What does Success Look Like To deliver successful analytical insight as an everyday part of the audit process
More informationGoverning the cloud. insights for 5executives. Drive innovation and empower your workforce through responsible adoption of the cloud
insights for 5executives Governing the cloud Drive innovation and empower your workforce through responsible adoption of the cloud Of special interest to Chief information officers Chief information security
More informationThe credit card industry: navigating an evolving environment. EY Advisory Services
The credit card industry: navigating an evolving environment EY Advisory Services The credit card industry: navigating an evolving environment The path to profitability for card issuers has been increasingly
More informationStock markets are mainstreaming non-financial reporting. Are New Zealand companies ready?
Stock markets are mainstreaming non-financial reporting Are New Zealand companies ready? Contents How are investors redefining who the winners are? 3 What changes are in store for NZX listed companies?
More informationreport that their financial impact of all fraud, corruption and/or money laundering incidents is over per incident
Week of Integrity 2017 1 9 December 2017 Results Integrity Management survey 90% of respondents consider the risk of bribery/corruption and fraud applicable to their business 73% of respondents report
More informationFive Tips: How to measure the value of your internal audit department
Five Tips: How to measure the value of your internal audit department By Connie Valencia CIA, CCSA, principal with Elevate Consulting and Gaurav Kapoor COO with MetricStream Measuring the performance of
More informationHospitality Trends Observations from the Annual EY Texas Hospitality Roundtable
Hospitality Trends 2015 Observations from the Annual EY Texas Hospitality Roundtable About this report EY surveyed representatives from the hospitality sector in Texas, including real estate investment
More informationHR: taking the right steps. UK leaving the EU
HR: taking the right steps UK leaving the EU In the face of uncertainty, can HR wait for direction? The impact on people of the referendum decision in June remains uncertain. Clarity is only likely to
More informationHow robotics is changing the way accountancy firms conduct audits. Policy Pulse June 2018 compendium
How robotics is changing the way accountancy firms conduct audits Policy Pulse June 2018 compendium Eamonn McGrath UK Head of Regulatory & Public Policy Loree M. Gourley UK Director of Regulatory & Public
More informationEnhancing Audit Committee Excellences through Internal Audit. 21 November 2017
Enhancing Audit Committee Excellences through Internal Audit 21 November 2017 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles
More information4/26. Analytics Strategy
1/26 Qlik Advisory As a part of Qlik Consulting, Qlik Advisory works with Customers to assist in shaping strategic elements related to analytics to ensure adoption and success throughout their analytics
More informationHospitality trends. Highlights from the annual Chicago Hospitality Sector Roundtable
Hospitality trends Highlights from the annual Chicago Hospitality Sector Roundtable 2 About this report EY surveyed Hospitality Sector leaders in the Chicago, Illinois, metro area and the greater Midwest
More informationThe velocity of change
5Insights for executives The answers in this issue are supplied by: Bob Sydow Area Center of Excellence Leader +1 513 612 1591 bob.sydow@ey.com David Nichols CIO Services Leader +1 312 879 2717 david.nichols@ey.com
More informationEvolution of shadow accounting for fund managers. July 2013
Evolution of shadow accounting for fund managers July 2013 Current industry trends in shadow accounting Page 1 Current industry trends in shadow accounting Evolution of shadow accounting in the hedge fund
More informationYour committee: Evaluates the "tone at the top" and the company's culture, understanding their relevance to financial reporting and compliance
Audit Committee Self-assessment Guide The following guide summarizes leading audit committee practices discussed in the "Audit Committee Effectiveness- What Works Best" report. You may use it to help assess
More informationDe Internal Audit Functie In een disruptieve organisatie. PwC s Digital Services
De Internal Audit Functie In een disruptieve organisatie PwC s Digital Services What is disruption? How to create significant value? The impact of emerging technologies on Internal Audit Actions to take
More information26th Annual Health Sciences Tax Conference
26th Annual Health Sciences Tax Conference Driving greater tax function effectiveness and December 5, 2016 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms
More informationReady for takeoff? Overcoming the practical and legal difficulties in identifying and realizing the value of data. Self-assessment guide
Ready for takeoff? Overcoming the practical and legal difficulties in identifying and realizing the value of data Self-assessment guide Heatmap Life sciences Barriers Maturity Consumer products Barriers
More informationboards King IV TM update Leadership, Ethics and Corporate Citizenship
5 Insights for boards King IV TM update Leadership, Ethics and Corporate Citizenship 1 The draft King IV TM (King IV) was released on 15 March 2016. (available at https://c.ymcdn.com/sites/iodsa.site)ym.com/resource/
More informationCompliance digitalization The impact on the Compliance function. Deloitte Risk Services April 2016
Compliance digitalization The impact on the Compliance function Deloitte Risk Services April 2016 2 Contents Preface 5 Management summary 6 Effects of digitalization 7 Using data in the compliance function
More information2015 SURVEY Data & Analyticsenabled. Internal Audit. kpmg.co.za
2015 SURVEY Data & Analyticsenabled Internal Audit kpmg.co.za 2 2015 SURVEY Data & Analytics-enabled Internal Audit Contents 01 Insights 3 02 Survey Demographics 4 03 Business Case 6 04 Enablement 8 05
More informationTransformation in the Internal Audit Function Neil White October 5, 2017
Transformation in the Internal Audit Function Neil White October 5, 2017 2017 Deloitte Global Chief Audit Executive (CAE) Forum Key Opportunities Key Insights Deliver advanced analytics and visualization
More informationBrexit: considerations for your Internal Audit operating model
Brexit: considerations for your Internal Audit operating model Next steps Brexit: considerations for your Internal Audit operating model 1 Brexit: considerations for your Internal Audit operating model
More informationSession 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA
Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA Presenters: James Russell Collingwood, ASA, MAAA David Paul, FCAS, MAAA Chad R. Runchey,
More informationBroad Based Black Economic Empowerment (B-BBEE) in South Africa. October 2015
Broad Based Black Economic Empowerment (B-BBEE) in South Africa October 2015 Verification Timeline - What does this mean to your business? The government s Broad Based Black Economic Empowerment (B-BBEE)
More informationInsurance Analytics: Organizing Analytics capabilities to get value from Data Analytics solutions A Deloitte point of view on Data Analytics within
Insurance Analytics: Organizing Analytics capabilities to get value from Data Analytics solutions A Deloitte point of view on Data Analytics within the Dutch Insurance industry Insurance Analytics A Deloitte
More informationIntelligent automation and internal audit
Intelligent automation and internal audit Considerations for assessing and leveraging intelligent automation kpmg.com Table of contents Internal audit s opportunity with the rise of intelligent automation
More informationRising to the challenge
www.pwc.co.nz Rising to the challenge Keeping pace with stakeholder expectations Internal Audit. Expect More. Raising the bar A route map for delivering Internal Audit excellence As the risk landscape
More informationInternal Audit and Technology Sustainable Analytics
Internal Audit and Technology Sustainable Analytics Neil While, Partner, Internal Audit Analytics Deloitte Advisory December 14, 2015 0 The Four Faces of the Chief Auditor 1 Copyright 2015 Deloitte Development
More informationCFO attestation: building a sustainable process
CFO attestation: building a sustainable process This regulatory briefing highlights the challenges faced by firms in establishing their CFO attestation supporting capabilities, as well as the priorities
More informationWelcome to the postmodern era for public sector ERP
Welcome to the postmodern era for public sector ERP Time to update your public sector enterprise resource planning (ERP)? Consider a postmodern strategy to address your unique requirements. Welcome to
More informationACA excise tax compliance. The crunch is here in 2016
ACA excise tax compliance The crunch is here in 2016 As 2016 begins, employers have had one year of experience with the Affordable Care Act s (ACA) pay-or-play excise tax and compliance. This year, the
More informationQuality & Customer Service For Small Organizations
Quality & Customer Service For Small Organizations 10 Point Quality & Customer Service Criteria & Self-Evaluation Tool Written by John Perry December 2008 Version NQI No part of this publication may be
More informationHow well does your procurement measure up?
How well does your procurement measure up? Find out how KPMG and Coupa can help you achieve smarter spend management. May 2017 kpmg.com/us/coupa How well does your procurement measure up? 1 Optimizing
More informationSession 6C Internal audit value Developing metrics to present IA value
Session 6C Internal audit value Developing metrics to present IA value Lawrence J. Harrington CIA QIAL CRMA, Vice President, Internal Audit, Raytheon Company, USA and Chairman of the Board, IIA-Global
More informationEnterprise intelligence in modern shipping
Enterprise intelligence in modern shipping Leveraging commercial and cost performance with data analytics 7th Capital Link Greek Shipping Forum 16 February 2016 Agenda I. What is Enterprise Intelligence?
More informationGet ready for robots. Why planning makes the difference between success and disappointment
Get ready for robots Why planning makes the difference between success and disappointment Contents 2 4 6 Delivering Robotic Process Automation Top 10 common issues in failed RPA projects - Business issues
More informationEffective implementation of COSO s new anti-fraud guidance
Effective implementation of COSO s new anti-fraud guidance In September 2016, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a new Fraud Risk Management Guide (Anti-fraud
More informationKnowledge Management in the Contact Center. Best Practice Guide
Knowledge Management in the Contact Center Best Practice Guide Table of Contents Executive Summary... 3 Determining Objectives and Metrics... 4 Planning an Implementation Strategy... 5 Developing a Strong
More informationThe Firm of the Future How Technology Will Impact and Enable Effective Firm Management. Sponsored By:
The Firm of the Future How Technology Will Impact and Enable Effective Firm Management Sponsored By: Before We Begin Ask questions through the Q&A widget Recorded session will be available starting tomorrow
More informationImplementing and maintaining ISAE 3402
Implementing and maintaining ISAE 3402 2 Implementing and maintaining ISAE 3402 Contents Introduction 4 Purpose and background 5 Benefits to the service organization 7 How Ernst & Young helps 8 Successful
More informationMoving from ISO 14001:2004 to ISO 14001:2015 Transition Guide
ISO Revisions Final Standard Moving from ISO 14001:2004 to ISO 14001:2015 Transition Guide ISO 14001 - Environmental Management System - Transition Guide Successful businesses understand that it is the
More informationThe current state of play. The future of risk in the Australian health sector
The current state of play The future of risk in the Australian health sector Foreword David Roberts Global Health Executive Asia-Pacific Health Leader Welcome to the EY series on the future of risk in
More informationGlobal Business Services. Driving value and global integration while evolving to the business partner for the digitalization!
Global Business Driving value and global integration while evolving to the business partner for the digitalization! Trends on technology and value Global Business will soon be the engine for transformation
More informationGet ready for robots: why planning makes the difference between success and disappointment
Get ready for robots: why planning makes the difference between success and disappointment Contents 2 4 6 Delivering Robotic Process Automation Top 10 common issues in failed RPA projects - Program issues
More informationPROCUREMENT UPDATE BIM - BUILDING INFORMATION MODELS
PROCUREMENT UPDATE BIM - BUILDING INFORMATION MODELS Simon Rawlinson 2015 As the deadline for the UK Government s mandate gets closer, the take-up of BIM on projects and programmes is accelerating. Simon
More informationInternal audit strategic planning Making internal audit s vision a reality during a period of rapid transformation
2015 State of the Internal Audit Profession Study Internal audit strategic planning Making internal audit s vision a reality during a period of rapid transformation 68% of companies have gone through or
More informationNext steps for CCO compliance. Helping financial services institutions respond to the UK s new corporate criminal offence
Next steps for CCO compliance Helping financial services institutions respond to the UK s new corporate criminal offence Contents Introduction 1 The hard work is just beginning Extraterritorial scope expands
More informationIt s 10pm Do You Know Where Your Institution's PII Is? Reducing Risk by Understanding the How, Where, and Why of your PII
It s 10pm Do You Know Where Your Institution's PII Is? Reducing Risk by Understanding the How, Where, and Why of your PII Chris Oswald, Assistant Director, IT Audit Jerome Park, Director, IT Audit Princeton
More informationDeveloping high performance teams. 2 3 October 2017
Developing high performance teams 2 3 October 2017 Contents Introduction 04 Registration form 06 Introduction Program overview Every individual wants to form part of a winning team, however when dealing
More informationSAP Road Map for Governance, Risk, and Compliance Solutions
SAP Road Map for Governance, Risk, and Compliance Solutions Q4 2016 Customer Disclaimer The information in this presentation is confidential and proprietary to SAP and may not be disclosed without the
More information5th CAE Annual Conference
5th CAE Annual Conference 6 7 December 2015 Lead to Innovate, Innovate to Lead Data-Enabled Auditing Thomas Pulling www.pwc.com/me Data-Enabled Auditing Welcome and introduction 3 Introductions Thomas
More informationEngaging risk: creating a risk-aware culture through a more engaging GRC user experience
Engaging risk: creating a risk-aware culture through a more engaging GRC user experience Preface If you are taking the time to read this e-book, it s likely you have a certain level of interest in governance,
More informationQuality Assessments what you need to know
Quality Assessments what you need to know Patty Miller, Partner Deloitte & Touche LLP Cavell Alexander, VP-Internal Audit Intermountain Healthcare Overview of requirements Scope of assessment Approaches
More informationThird Party Risk Management ( TPRM ) Transformation
Third Party Risk Management ( TPRM ) Transformation September 20, 2017 Internal use only An introduction to TPRM What is a Third Party relationship? A Third Party relationship is any business arrangement
More informationMinimizing fraud exposure with effective ERP segregation of duties controls
Minimizing fraud exposure with effective ERP segregation of duties controls Prepared by: Luke Leaon, Manager, RSM US LLP luke.leaon@rsmus.com, +1 612 629 9072 Adam Harpool, Manager, RSM US LLP adam.harpool@rsmus.com,
More informationSupplier risk compliance obligation or source of competitive advantage? Improve supplier reliability to lift business performance
Supplier risk compliance obligation or source of competitive advantage? Improve supplier reliability to lift business performance Steps to reduce supplier uncertainty and uncover cost savings An unreliable
More informationAdvisory Services Governance, Risk & Compliance
Advisory Services Governance, Risk & Compliance Caribbean Association of Audit Committee Members Inc. 2010 Conference Caretakers of Integrity and Accountability: The Role of Internal Audit in Corporate
More informationManaging complex services in SAP and Ariba from a client perspective. Ariba Live 2018
Managing complex services in SAP and Ariba from a client perspective Ariba Live 2018 Agenda Overview and main message Plan to play design overview Supplier qualification Contract management Managing procurement
More informationFINRA 2090/2111 Solutions & Expertise
FINRA 2090/2111 Solutions & Expertise TABLE OF CONTENTS Overview... 3 Requirements for Institutions... 3 Recommended Approach... 4 Actimize Solutions for FINRA Know Your Customer & Suitability Requirements...
More informationDigital Twin & Augmented Reality. Usage of digital product models for product development, production and. service
Digital Twin & Augmented Reality Hannover, 26th April 2017 Usage of digital product models for product development, production and service Marco Liesegang, EY Advisory Service IoT / I4.0 Team Lead GSA
More informationThe Value- Driven CFO. kpmg.com
The Value- Driven CFO kpmg.com 2 Leading the Way in a Data-Driven Enterprise Several years of global uncertainty have made even the toughest executives flinch, and that s certainly true for chief financial
More informationDeloitte Accelerated Value: SaaS innovation for the digital core. Extending the potential of core systems, addressing tomorrow s needs
Deloitte Accelerated Value: SaaS innovation for the digital core Extending the potential of core systems, addressing tomorrow s needs SaaS innovation for the digital core Extending the potential of core
More informationHow can you improve your ability to identify, respond and adapt to significant operational interruptions?
How can you improve your ability to identify, respond and adapt to significant operational interruptions? Agenda I Introductions and objectives II Why is resilience important III Typical issues be aware
More information