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AuditNet® Technology

Integrating technology into All phases of the audit process

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An important part of the work of auditors is to analyze data, find potential fraud and failing controls, and to gain a better impression of the risk exposure of the organization. Traditionally, the analysis of data is seen as a separate activity, conducted by highly trained audit professionals with advanced tools. AuditNet® believes modern technology should facilitate a more efficient way of working by integrating data analysis technology into all phases of the audit process; from planning right through to reporting and follow-up.

AuditNet® has been a leader in promoting the use of technology in internal audit. To that end we provide this section of the site where we will share surveys, whitepapers, articles and blogs from thought leaders in the profession and more on how auditors are using (or not using technology).  If you have comments about the use of technology by auditors we are always looking for value added content to add to the discussion!

A Data.JpgText Analytics - Word Summarization and Search Utility

This utility from ActiveData lets you perform the following operations on Text (*.txt, *.csv, *.prn), Microsoft Word (*.doc, *.docx), Adobe Acrobat (*.pdf) and Microsoft Outlook (*.pst) documents on your system.

    Data Analytics for Auditor Analytics in the Audit (this recording is part of a series which can be ordered on a flash drive)

    SurveysEffectiveness of Audit Technology Training .The results are in after more than 500 auditors have taken the survey. More than 70% feel that there is an audit technology gap in their organization or department! More than 50% indicated that audit technology training is not aligned with audit projects included in the annual audit plan. After taking training more than 40% report that no feedback is required for the training provided. The report and summary are now available.   

    Audit Analytics2  Lanza Approach to Letter Analytics - This article explores an exciting new textual analytics concept that works to identify word deviations swiftly by applying letter frequency rates of the English language and prior period letter occurrences as expected benchmarks when analyzing the data set at hand.  Read the latest article from a thought leader on analytics!

     Coso Framework 2013 Cube Dealing Instant C.A.R.M.A. - "Continuous Analytic Risk Monitoring Automation" By Rich Lanza, CPA, CFE, CGMA - The term Instant Karma is the bringing of immediate accountability for ones actions. Doesn't that phrase exemplify our objectives of continuous monitoring which starts with risk management using a series of risk planning analytics followed by designing automated alarms and on-site assistance, now only focused on the top areas of concern.  Read the article!

    Ii Analytics    The Lanza Approach to Letter Analy tics to Quickly Identify Text Analytic Deviations By Richard B. Lanza.  Back in 2014, the audit and fraud detection community set out to create a comprehensive list of key words or rather “bad phrases” that highlight potential issues in accounting data. This initiative, led by AuditNet®, identified phrases such as “facilitation payments” or “plug revenue” that generally correlated with fraud or noncompliance with key regulations around corruption and anti-money laundering. Many organizations who maintained such phrase lists realized they had proprietary value and therefore kept them internal. But to assist the community at large, we embarked on a survey that led to a database of over 4,000 unique phrases and updated by over 500 survey responses.   Read the complete article here!

    Wolters KluwerAudit Technology Insights -Technology Champions: Key Strategic Enablers - Wolters Kluwers TeamMate - The Institute of Internal Auditors’ (The IIA) 2015 CBOK Report — “Staying a Step Ahead: Internal Audit’s Use of Technology”— found that only 4 in 10 chief audit executives (CAEs) say their use of technology is at an appropriate level. Given such a low percentage, it’s no wonder that exploring how to better deploy and utilize technology has become a major strategic consideration for many CAEs. Download the report

    Rich Grant Thornton

    Analytic Quick Tips from Rich Lanza

    Accounts Payable Fraud 10 Ways to Identify It by Christy Warner  - an excellent article worth revisiting (originally appeared on AuditNet® and New Perspectives (Journal of the Association of Healthcare Internal Auditors) in 2007