IIA Virtual Symposium: Taking Data Analytics From Planning to Continuous Audit
November 2 & 4, 2021
12:00–2:10 p.m. ET
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As the technology landscape continues to change and we move further into a digital world, data analytics can be an extremely useful resource in any internal auditor’s toolkit. With a variety of benefits, analytics can help internal audit assess a broad array of potential strategic, operational, and financial risks at any organization. Join us to learn more about the data analytics life cycle within internal audit, and how to introduce analytics tools and resources into every stage of an audit.
Session 1 (Part One): An Introduction to Internal Audit Data Analytics & Tools
To develop a successful data analytics program, it is critical that you have the appropriate foundational elements. This presentation will give you the foundational knowledge you need to establish a new data analytics program and identify employees with the necessary skills. It will also provide real-life examples of how Excel can be used to incorporate data analytics into your audit programs.
- Understand the foundational skills required to start up a data analytics program and train people within your organization.
- Utilize basic Excel functions to improve efficiencies and audit results.
- Address and overcome common data analytics roadblocks.
Meredith Piotti, CIA, CPA
Principal, Wolf & Company, P.C.
Meredith Piotti is a Principal in Wolf & Company’s Internal Audit Services group, with responsibility for the firm’s data analytics services. She has provided internal audit, consulting, and risk management services to financial institutions at Wolf for more than ten years. Wolf’s internal audit services began with a focus on financial institutions, then expanded into other industries based on proven success working in a highly regulated environment. Piotti oversees Wolf’s data analytics team, comprised of both internal audit services and information technology assurance personnel. The data analytics group is responsible for performing model validation reviews and conversion testing, as well as incorporating analytics into internal audits.
Session 1 (Part Two): Audit Planning and Risk Assessment Using Data Analytics
Today’s internal audit departments are continually faced with declining budgets and pressure to provide increased value with the resources they have. As a result, internal audit leaders need to ensure their resources are targeted to areas of the highest risk and value. Utilizing analytics in your assessment of the audit universe, risk assessments, audit plans, and during engagement planning can help you focus more closely on strategic risk, increase efficiency, and provide improved assurance.
- Understand how to utilize data analytics to assess the audit universe.
- Be able to enhance your annual risk assessment using data analytics.
- Know how to utilize analytics during the planning phase of your audit.
- Be able to adjust your audit plans based on data analytics.
Cameron Thomas Ollenberger, CIA, CPA, CGA, CFE
Senior Manager, Enterprise Risk Services, MNP
Cameron Ollenberger is a Senior Manager in Enterprise Risk Services for MNP in Calgary, Alberta, with nearly 20 years of internal audit, internal controls, and regulatory compliance experience. He is a proponent of utilizing data analytics to provide value-added innovative solutions for his audit engagements. Such engagements span a wide array of business areas, including financial operations, asset and work management, project management, supply chain, and ERP system implementations. Prior to joining MNP, Ollenberger held audit roles with ATCO, TransAlta, and the Alberta Gaming and Liquor Commission. He is also an active board member for the IIA–Calgary Chapter.
Senior Consultant, Data Analytics, MNP
Shali Lan is a Senior Consultant in MNP’s Enterprise Risk Services group in Vancouver. She has six years of experience in assisting clients to design, develop, and implement data integration processes, including Extract, Transform, Load (ETL) services and cloud computing to generate real-time visualization reports and specific analytic solutions. Her expertise in embedding analytics into internal audit includes providing solutions for continuous control monitoring (CCM), predictive analytics models in Python/R, and visual reports in Tableau and PowerBI, as well as database connections (Azure/SQL) to monitor trends, anomalies, risks, fraud indicators, and potential threats. Lan has also designed and implemented risk management solutions to automate data wrangling and visualization of pipeline flash reports. She has served various industries, including banking, education institutions, e-commerce, energy and utilities, loyalty programs, and retailers.
Session 2 (Part One): Using Data Analytics for Fieldwork & Reporting
Data analytics can be an extremely useful tool for internal audit teams, as it not only enables analysis of large amounts of data with less effort and greater efficiency and effectiveness than more manual assessment methods, but also provides more coverage than sample testing approaches. This is especially true for the fieldwork and reporting phases of internal audit projects. Some common areas where data analytics is often used in fieldwork include major high-volume, high-risk business processes such as procurement, accounts payable, and payroll. This presentation will cover examples and explanations of how to use data analytics during the fieldwork phase, reveal how to make data-based conclusions and insights, discuss fraud/anomaly detection, show how to transition from sample testing to full population testing, and demonstrate how to present data analytics results and findings in an audit report for maximum impact.
- Understand the wide variety of uses for data analytics for fieldwork to be able to identify uses within your organization.
- Demonstrate how to transition from sample testing to full population testing and outline the benefits of full population testing.
- Determine how to make data-based conclusions and insights from data analytics results, including identifying trends and anomalies, as well as presenting results in an audit report.
Kimberly Macedo, CIA, PMP
Director, Risk Advisory Services, Baker Tilly US
Kimberly Macedo is a director in Baker Tilly’s risk advisory practice with more than 13 years of experience. She regularly works with higher education institutions, not-for-profits, and real estate organizations on internal auditing and management consulting on a wide range of business issues, regulatory compliance matters, organizational governance, and internal control structures. Her expertise includes audit areas such as evaluating and enhancing business processes and internal controls, conducting strategic data analytics assessments, and leading fraud risk assessments. Macedo regularly presents at industry conferences, including The IIA, Association of College and University Auditors, and Society of Corporate Compliance and Ethics.
Mumta Taneja, CRMA
Senior Manager, Risk Advisory Services, Baker Tilly US
Mumta Taneja is a senior manager in Baker Tilly’s risk advisory practice and has 17 years of experience delivering risk advisory, internal control, and internal audit services. She has a diverse industry background across manufacturing and distribution, cannabis, higher education, software and technology, and food and beverage organizations. Her expertise includes conducting enterprise risk assessments, auditing business processes, performing data analytics, and implementing and evaluating Sarbanes-Oxley compliance. Taneja has held leadership positions in the Chicago chapter of The IIA and has published numerous articles and delivered trainings on a variety of topics, including internal audit, Sarbanes-Oxley compliance, fraud risk, and data analytics.
Session 2 (Part Two): How to Start a Continuous Assurance Program: A Practical Approach
Continuous assurance is a much-discussed topic in the audit industry. However, these discussions can be highly conceptual – so let’s cut straight to how to actually set up your own CA program. In this session, members of the Western & Southern Financial Group Internal Audit risk modeling and data analytics team will provide an overview of how they began their continuous assurance program. From reviewing the technology to having the right people involved in the process, this session will cover the key areas to focus on to set up your CA program correctly.
- Learn how to identify opportunities to apply continuous assurance.
- Understand the foundational technologies involved in continuous assurance, including specific examples of software used.
- Discover how to navigate the procedural challenges of continuous assurance.
Peyton Hahn, CISA
Senior Internal Audit Manager, Risk Modeling & Data Analytics, Western & Southern Financial Group
Peyton Hahn is the senior manager of the risk modeling and data analytics team for the Internal Audit department at Western & Southern Financial Group. During his time at Western & Southern, Hahn founded the risk modeling and data analytics practice and has overseen its growth from a single, part-time resource into a team of four dedicated resources. His passion is to serve as an advocate and leading-edge practitioner of the application of analytics in the field of audit.
Kristen Pharo, CISA
Senior Internal Auditor, Risk Modeling & Data Analytics, Western & Southern Financial Group
Kristen Pharo is a Senior Internal Auditor within the Risk Modeling and Data Analytics team at Western & Southern Financial Group responsible for implementing risk assessment models and analytics for the Internal Audit department to increase efficiency and effectiveness in audits. Since joining Western & Southern Financial Group, Pharo has helped pioneer continuous auditing initiatives within Internal Audit. She previously spent several years at Deloitte, leading and performing global coordination of business process and IT external audits for a Fortune 500 company. She is passionate about learning and using analytic tools such as KNIME and Tableau to automate audit processes and visualize data.
Pricing and Registration
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- Location: Virtual
- Delivery Format: eLearning
- Date Range From: Select November 2, 2021 on the calendar
- Date Range To: Select November 4, 2021 on the calendar
Traning duration: 4 hours
CPE Hours: 4
Knowledge Level: Basic
Field of Study: Auditing
Advance Preparation: None
Delivery Method: Group Internet Based
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