Data Mining for Auditors - OAP215

CPE:24

Price: $1833.00

Overview

This course covers the critical aspects of data mining that auditors should know, the data that should be used and how to incorporate data mining into the audit methodology. Also, how to assess critical business functions and analytical procedures to perform individual and continuous assessments. Note: You are encouraged to bring a laptop to perform a number of hands-on exercises involving data and how it should be applied to your organization.

Who Should Attend

Compliance Officers; Audit Directors and Managers; Financial, Operational and IT Auditors; Key Operational personnel

Prerequisites

Fundamentals of Internal Auditing (OAG101) or equivalent experience

What You’ll Learn

You will learn how to define which data should be used for what purposes to maximize the outcome of your audit efforts. You will learn how data mining can be used to demonstrate the value you provide the organization.

Objectives

Aligning the Audit Function with the Business:

• analyzing the roles of Audit in relationship to the business
• setting the tone for a data-centric audit process: physically mapping the enterprise
• defining the key audit disciplines used in a logically driven audit process
• the audit spectrum: today to the future
• traditional vs. continuous audit process
• virtual audit process for the 21st century

Defining Data Mining/Continuous Auditing

• what is data-mining
• what are data mining’s uses and why are they key
• the impact on the audit process as we know it
• defining the advantages to the business: what is the ROI?
• understanding the up-front costs and the long-term benefits
• defining the advantages to audit/consulting group
• the 10 commandments of data mining

Maximizing the Use of Data:

• the language of management
• defining data inventory in relation to the business structure
• closing the expectation gap
• performing more effective and efficient audits
• multi-purpose audit tools

Data Analysis Methodologies: Logically Focusing the Audits on Critical Business Concerns

• trend analysis
• pivotal points of change analysis
• mean dispersion analysis
• ratio analysis
• period-to-period comparisons
• data stratification
• profiling: the key to focused auditing
• data patterns: fraud factors a critical part of audit responsibilities

Defining a Continuous Audit Process for Maximum Effectiveness:

• establishing the key tools: auditing real time (ART)
• embedded audit routines (EARs)
• triggers
• metric oversight monitoring systems (MOMS)
• the Global Technology Audit Guide on continuous risk assessment auditing
• auditing near time (ANT)
• GAS

Focusing Reporting on Outcomes Not Outputs:

• redefining the audit report to a business-focused format
• example of a visual-centric audit report
• advantages of a visual-centric audit report
• maximizing your provable value to the organization
• building in follow-up tools: a byproduct of this methodology
• laying the baseline for future improvements

Why You Should Attend

You should attend because data mining and analytics are essential for success as an auditor today. There are too many risks, controls, and transactions to review manually.

MIS Training Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.