Deloitte Introduces Analytics Platform to Accelerate Internal Audit Transformation

NEW YORK, March 9, 2015 /PRNewswire/ -- "Smarter," "faster" and "better" are key desires of the modern internal audit (IA) organization. Deloitte today introduced a new advanced analytics platform to offer internal auditors a comprehensive way to support the end-to-end audit process combined with state of the art data visualization, risk sensing, and analytic techniques.

"The Internal Audit profession is in a state of transformation. Stakeholders are challenging chief audit executives to do more with less and boost confidence levels in the outcomes. Deloitte is committed to helping CAEs deliver on that challenge and transforming the IA function through technology-enabled methodologies," said Carey Oven, managing partner of the internal audit transformation practice, Deloitte & Touche LLP. "This new analytics platform is just one way that we are delivering measurable and enduring impact to our clients by helping them to better manage enterprise risks and provide actionable audit results."

The Deloitte Analytics Platform (DAP), one of the most robust fraud analysis and analytics solutions on the market today, provides IA the ability to identify, audit, and report on organizational risk within a single platform. Using the platform, internal auditors will experience a more complete view of their organization's transactions, delivering the ability to identify potential issues and get to the root cause more quickly.

"Leveraging DAP's advanced visualization tools, we have a new way of perceiving issues, operationally or financially, such as identifying ineffective spend or revenue leakage; all because we can look at data differently," said Neil White, principal, Deloitte & Touche LLP, and IA analytics leader. "Today's IA function is constantly challenged to provide value-added and relevant analyses of an organization's internal control structure, performance and productivity, governance, and management of risks, while also focusing on key emerging risks. The platform is one tool helping internal auditors serve their stakeholders as a trusted advisor with insight and enrichment." 

The DAP provides internal auditors the ability to:

• Make data-driven decisions that can optimize operations and reduce enterprise wide risks and costs.
• Bring greater integration across internal audit, risk management and compliance.
• Further insight into the emerging risks of an organization.
• Continuously monitor controls, risks, and indicators with focused attention on performance and not on control effectiveness.

The DAP leverages a library of several hundred indicators, such as data attributes, that can be generated for each transaction, business process, and/or entity. The indicator library is both flexible and robust, facilitating customization based on industry, risk profiles, or known business issues. It then uses a proprietary risk engine with predefined rules for combining and measuring indicators and profiles to assign several types of risk scores. The data is enriched with a library of external sources, such as fraud perception indices, Office of Foreign Assets Control compliance lists, and address validation, to deliver a context-rich analysis.

With a Web-based interface and customizable data visualizations, the results of risk profiles can be reviewed, investigated, and narrowed for further review or sampling based on the calculated risk scores. The interface can be accessed locally or remotely in order to fit the internal audit plan and team makeup. In cases where remote access would be prohibitive for the internal audit team, transaction-level audit workbooks can be created from the consolidated data repository for offline use and reference.

For a demonstration of Deloitte's analytics platform tool, email [email protected] or visit Booth #319/321 at the 2015 IIA GAM Conference, March 9-11, Aria Resort & Casino, Las Vegas.

About Deloitte Internal Audit Transformation
Deloitte's Internal Audit Transformation team is contemporizing the IA profession through technology-enabled methodologies to help business leaders turn insight into foresight. Through innovation, we help clients enhance the accuracy, quality, and value received from their IA function, embedding analytics throughout each step of the audit process. Our skilled talent, working collaboratively within a vast global network, makes it possible for us to deliver consistent execution wherever our clients operate. We assist in process efficiency, fraud detection, operational quality, internal control, and regulatory compliance – developing and delivering ideas that are focused not just on any tomorrow, but on your tomorrow.

As used in this document, "Deloitte" means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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