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Data analytics (DA) involves processes and activities designed to obtain and evaluate data to extract useful and relevant information. The results of DA may be used for the following:

• Identify areas of key risk
• Fraud, errors or misuse
• Improve business efficiencies
• Verify process effectiveness; and
• Influence business decisions

Uncovering unexpected insights is the crown jewel of data analysis, and most enterprises are not tapping into the data sources that can provide them with this opportunity. Data Analysis can help auditors (both external and internal) to meet their audit objectives. By analyzing data within key processes, auditors can detect changes or vulnerabilities in enterprise processes and potential control weaknesses that could expose the organization to undue or unplanned risk. Effective use of DA tools can help identify emerging risk and target audit resources to effectively safeguard the enterprise from excessive risk and improve overall performance. This also enables auditors to identify changes in enterprise processes and ensure that they are auditing current/potential risks and not past risks.

By analyzing data from a variety of sources against control parameters, business rules, and policies, auditors can provide fact-based assessments of how well automated controls are operating.

By analyzing 100 percent of relevant transactions and comparing data from diverse sources, internal audit can identify instances of fraud, errors, inefficiencies, or noncompliance

WinCAAT solutions are designed to play an integral role in helping enterprises to effectively implement Data Analysis by facilitating the following:

• Unlock the insights hidden in massive stores of data.
• Use the results of DA to identify areas of key risk, fraud, errors or misuse;
• Improve business efficiencies;
• Verify process effectiveness; or
• Influence business decisions.

WinCAAT solutions also enable in automation of the DA implementation process by use of scripting as per standard testing and audit procedures.