Internal audit has started the journey toward enabling analytics in audit processes, but there’s a long road ahead. The key findings from Protiviti’s 2017 Internal Audit Capabilities and Needs Survey explain why. In a digital world, now is the time for internal audit functions to embrace analytics. This is the most significant takeaway from this 2017 survey, the results of which show that chief audit executives (CAEs) and internal audit professionals increasingly are leveraging analytics in the audit process, as well as for a host of continuous auditing and monitoring activities.
A well-designed transaction monitoring (TM) system is an important component of an effective anti-money laundering (AML) compliance program. It supports efforts to combat money laundering and terrorist financing by helping financial institutions identify unusual or suspicious activity that must be reported to regulatory authorities, and aids law enforcement in tracking and prosecuting criminals involved in money laundering and terrorist financing.
In a recent KnowledgeLeader article, Paul Pettit, Director for Protiviti's Capital Projects and Contracts practice in Houston, Texas, explained how auditors can use data analytics to avoid the massive waste spending that often goes hand-in-hand with hiring outside vendors and contractors.
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