The proliferation of data analytics in the world of internal audit has been a boon to some companies and a disappointment to others. Companies using analytics effectively are auditing with fewer resources and getting better coverage; reducing fraud, waste and abuse by the millions; and providing executives the ability to make smarter, data-driven business decisions.
But far too often, audit functions are launching data analytics that sputter, flame out and waste precious resources, and most immature data analytics programs are stumbling over the same few hurdles. Here are the five main hurdles and how to clear them.
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