Automating the Audit July 2010

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1 Jamie Williams PwC, Systems & Process Assurance PwC

2 Agenda 1. Technology and PwC State of Internal Audit Survey 2. Technology/Data Analytics 3. Continuous Monitoring 4. Common Software 5. ACL Scripts 6. Resources 7. Q&A Slide 2

3 Introduction 8 Key Attributes of a High Performing Internal Audit Function Slide 3

4 Introduction 8 Key Attributes of a High Performing Internal Audit Function Source: PwC s 2010 State of the internal audit profession study Slide 4

5 Introduction Leverage Information Technology Effectively 1. Audit Management systems are used to improve audit effectiveness and efficiency 2. Specific steps are taken to capture and share knowledge through internal audit and the business 3. Governance, risk and compliance (GRC) tools are leveraged to ensure related activities are efficient and coordinated 4. Technology is utilized to improve audit process efficiency, through data retrieval and testing, data mining, and analytics. 5. Continuous audit techniques are leveraged to increase audit coverage and provide early warning of risk indicators. Source: PwC s 2010 State of the internal audit profession study Slide 5

6 Introduction Leverage Information Technology Effectively 1. Audit Management systems are used to improve audit effectiveness and efficiency 2. Specific steps are taken to capture and share knowledge through internal audit and the business 3. Governance, risk and compliance (GRC) tools are leveraged to ensure related activities are efficient and coordinated 4. Technology is utilized to improve audit process efficiency, through data retrieval and testing, data mining, and analytics. 5. Continuous audit techniques are leveraged to increase audit coverage and provide early warning of risk indicators. Source: PwC s 2010 State of the internal audit profession study Slide 6

7 Introduction Year-to-year efficiency priorities Increase use of technology Simplify reporting Identify audit process inefficiencies Utilize a more risk based approach Standardize audit procedures Reduce travel Reduce external training 14% 11% 46% 42% 34% 49% 29% 24% 23% 39% 31% 58% 69% 69% Plan to employ Have employed Source: PwC s 2010 State of the internal audit profession study Slide 7

8 Introduction Barriers to Effective Use of Technology Lack of skills and knowledge 55% 56% Lack of access 36% 43% Lack of methodology 40% 41% Other 45% 54% Data tools Organizational systems Source: PwC s 2010 State of the internal audit profession study Slide 8

9 Introduction What do you see as the primary benefit achieved from leveraging technology? A. Greater coverage B. Targeting testing C. Efficiency D. Continuous monitoring E. No measurable benefit F. Not applicable Source: PwC s 2010 State of the internal audit profession study Slide 9

10 Introduction Benefits of Leveraging Technology No measurable benefit 56% Greater coverage 38% Targeted testing 29% Efficiency 24% Continuous monitoring 22% Source: PwC s 2010 State of the internal audit profession study Slide 10

11 Technology/Data Analytics PwC

12 Technology/Data Analytics Technology-enabled audit strategy Slide 12

13 Technology/Data Analytics First, lets envision an end point Slide 13

14 Technology/Data Analytics Technology/Data Analytics as a tool for audit Slide 14

15 Technology/Data Analytics Technology/Data Analytics as a tool for audit Slide 15

16 Technology/Data Analytics Technology/Data Analytics Slide 16

17 Technology/Data Analytics Stage 1 Example: Procure to Pay Slide 17

18 Technology/Data Analytics Stage 1 How a business process is stored in an ERP Slide 18

19 Technology/Data Analytics Stage 1 How a business process is stored in an ERP (continued) Slide 19

20 Technology/Data Analytics Stage 1 Data Structure Slide 20

21 Technology/Data Analytics Stage 2 Technology/Data Analytics Slide 21

22 Technology/Data Analytics Stage 2 Uncovers Hidden Relationships Slide 22

23 Technology/Data Analytics Stage 2 Data Quality Challenges Slide 23

24 Technology/Data Analytics Stage 2 Data Quality Challenges Slide 24

25 Technology/Data Analytics Stage 3 Technology/Data Analytics Slide 25

26 Technology/Data Analytics Stage 3 Association of Certified Fraud Examiner - Potential Fraud List Slide 26

27 Technology/Data Analytics Stage 3 ACFE - Potential Fraud List (continued) Automated the Audit Slide 27

28 Technology/Data Analytics Stage 3 Payroll Automating he Audit Slide 28

29 Technology/Data Analytics Stage 3 Time and Expenses Slide 29

30 Technology/Data Analytics Stage 3 General Ledger Slide 30

31 Technology/Data Analytics Stage 3 General Ledger Slide 31

32 Technology/Data Analytics Stage 3 General Ledger Slide 32

33 Technology/Data Analytics Stage 3 Account Payable Slide 33

34 Technology/Data Analytics Stage 3 Fraud Identification - Benford s Analysis d p % % % 4 9.7% 5 7.9% 6 6.7% 7 5.8% 8 5.1% 9 4.6% Slide 34

35 Technology/Data Analytics Stage 4 Technology/Data Analytics Slide 35

36 Technology/Data Analytics Stage 4 Transaction Scoring Slide 36

37 Technology/Data Analytics Stage 4 Transaction Scoring Slide 37

38 Technology/Data Analytics Stage 4 High Risk Employee Slide 38

39 Technology/Data Analytics Stage 4 High Risk Dashboard Slide 39

40 Technology/Data Analytics Stage 5 Technology/Data Analytics Slide 40

41 Continuous Monitoring Continuous Monitoring Slide 41

42 Common Software Used PwC

43 Common Software Used Project Tools Slide 43

44 Common Software Used State of Internal Audit Profession Survey March 2010 Slide 44

45 Common Software Used Comparison of Excel, Access and ACL Slide 45

46 ACL Scripts- Examples PwC

47 Examples of ACL Scripts ACL Scripts Slide 47

48 Final Thoughts All rights reserved. "" refers to the East Caribbean firm of or, as the context requires, the global network or other member Firms of the network, each of which is a separate and independent legal entity. PwC

49 Q&A PwC

50 Contacts For more information contact: Jamie Williams Director Jason Ramsay Manager Slide 50

51 Resources Resources Tools Linkage ACL PwC s State of the Internal Audit Profession Web/Controller.jpf?ContentCode=M SRA-84HHVU&rss=true PwC s Maximizing Internal Audit A 10 step imperative for thriving in a challenging economy Web/Controller.jpf?ContentCode=M SRA7ZWL7Z&ContentType=Content Texas ACL Group GTAG3: Continuous Auditing loads/freetomembers/ _1010.dl_gtag3.pdf Automated the Audit Slide 51

52 The information contained in this document is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, there may be omissions or inaccuracies in information contained in this document. This document is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. It should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult a professional. While we have made every attempt to ensure that the information contained in this document has been obtained from reliable sources, is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this document is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will, its related partnerships or corporations, or the partners, principals, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages All rights reserved. refers to LLP (US) or, as the context requires, the global network or other member firms of the network, each of which is a separate and independent legal entity. *connectedthinking is a trademark of LLP (US). PwC

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