Thursday, May 3, 2012
AuditNet® Survey - 2012 State of Technology Use by Auditors
The AuditNet® 2012 State of Technology Use by Auditors survey was launched in order to determine what tools audit departments are using, how the tools are being used, the level of use and where auditors see themselves on the Audit Utilization of Technology Optimization Scale (AUTOS). AuditNet® has been on the leading edge of the profession when it comes to encouraging auditors and audit departments to integrate the use of technology in their methodology. Surveys by other organizations recognize the added value that technology affords auditors however it does not appear that a paradigm shift is imminent.
We will publish the results of the survey here as well as on AuditNet®
Here are some of the key findings from other surveys on technology and internal audit:
According to a recent survey by the Institute of Internal Auditors data mining and analytics are one of the top five skills sought for new internal auditors.
The 2012 Internal Audit Capabilities and Needs Survey by Protiviti reported that CAATs, continuous auditing and continuous monitoring are skills areas that auditors need to improve as the profession moves toward these approaches and techniques.
According to the 2011 TeamMate User Survey it is imperative that all auditors understand the technology tools available and use them on all audits.
The options available to CAE emphasize either hiring auditors with the technology skills to jump start implementation of technology initiatives which helps shorten the learning curve. Additionally providing staff with training for audit technology tools is a must.
According to the Grant Thornton 2012 CAE Survey … most CAEs seem to recognize that their departments can better harness the power of technology. Half of respondents acknowledged their organizations do not effectively use governance, risk and compliance (GRC)-specific technology. Data analytics and continuous auditing technologies are gaining wider acceptance, however. Still, given the power of today’s technology tools, internal audit can do more.
The IIA Standards related to use of technology (1220.A2 – Leveraging Technology Resources) states that... in exercising due professional care, internal auditors must consider the use of technology-based audit and other data analysis techniques.
So if auditors are required to use technology, have access to this advanced technology and the benefits are clearly apparent why are auditors not higher on the Audit Utilization of Technology Optimization Scale? This survey will attempt to answer that question as well as others relating to the current state of technology usage by auditors.