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Is your audit function going to get replaced by machine learning and automation?
Sometimes I think that we will all soon be out of a job, and then I have a very boring task to do, and I wonder why I can’t just ask a machine to do it…
Do you spend a long time trying to find out how to analyse SAP data?
Over the years, I must have spent on average of about 8 hours a week searching on blogs about SAP data. I remember quitting Deloitte and starting as a freelance consultant for some global corporations that wanted analysis of SAP data…
Luckily they saw it before the external auditors did!
Internal auditors can today have the power to do what external auditors try to do- but much better. This is because they can be experts in their company and their company’s data. Harnessing the power of data analytics, internal auditors can see all of the obvious problem areas in the company…
The five legged sheep that knows data analytics and internal audit
Is it possible to get all the required set of skills in your business area? The reason that most companies are not advancing quickly as they should with data analytics for audit is a human one, rather than a technical one…
Have you ever felt like your boss feels that internal audit is a waste of time?
Internal audit is sometimes seen as a legal necessity rather than a value-added service. However, when auditors get their hands on some data analytics, they can show-up their Big 4 external audit friends and zoom straight into the country, entity, operating unit and transaction that is fraudulent…
Data analytics for dummies
Data analytics is only for IT people right? Wrong! Recently I was working for a CFO of a drinks company who couldn’t master anything to do with data or Excel. Problem was, all of his figures were produced in Excel by his staff…
Did you know that you could go to prison, just for being a C-level employee in your host country?
We were living in Shanghai for four years, and if you have lived in Shanghai, recently you have probably heard this story. A French bakery that all of us expats loved going to suddenly got closed down one day, the management put in prison and the owner fled to England What happened? Well, one of their employees complained on a government website that the flour they were using was out of date by about a week or even longer…
Are your reports really correct?
A CFO friend of ours was losing a lot of sleep recently and sweating a lot at work. Why? Because he had to sign off on his monthly landing that was produced by his team. The only problem was that they didn’t really speak good English and they also appeared to be in their own little world…
Your auditors just don't get it - what about those funny transactions hidden in the totals?
An audit director of a fortune 500 company recently shared with me his frustration because his audit managers could not see the point of doing any data analytics. Those managers said that they didn’t need it because they already had detailed balance sheet reports that they can print out of the system…
How many ghosts are there in your company?
It’s got to be one of the most common fraud schemes in the world. Ghost employees. SO easy to do. And also, thanks to GDPR and privacy, the HR department are pretty much free to “protect” their data and be secretive about it. What’s the average number of Ghost employees in your Fortune 500 Group? Where are they? You might not know the answers to these questions, yet it is surprisingly simple to detect…
Is Bob's wife his best customer?
You’ve got a huge SAP system that is running in different countries. And it has over 10K customers and suppliers in the database. Everything seems to be running fine. You’ve got nothing to worry about – right? But when you visit your entity in South East Asia and run through your standard controls, you have an uneasy feeling…
Is your team lacking the skills needed to get SAP dashboards off the ground?
A lot of you are out there are trying to analyse SAP data and come across some obstacles: you don’t know where to start; if you do know where to start, you don’t know which SAP tables to get the data from; if you do not which SAP tables to get the data from, your IT department is not letting you get it out of the system…
