M112: Use Advanced Analytics to Reveal Audit Trends
- Room: Grand A-D
- Session Number:M112
Monday, July 18, 2022: 1:00 PM - 1:50 PM
Description
Data science techniques can connect findings in different types of audits, such as GAO, OIG, Single Audit and others. Information collected can then be used for tracking, trending, technical assistance, and evidence-based decision-making.
Key Take-aways
• Data previously “locked away” in pdf or other documents can be aggregated in relational databases through analytical techniques.
• Using data mining tools and techniques to collect data allows auditors to identify trends and patterns and to examine results holistically.
• Implementing data analytics in auditing produces information for more effective and efficient decision-making.
Learning Objectives
Discuss the challenges of identifying common themes for identical auditees across audit types. Explore the use of technologies, such as text mining, natural language processing, optical character recognition and topic modeling, to analyze audit findings. Understand the benefits and impact of analytics in audit tracking, technical assistance, and decision-making.