New Data Analysis and Sampling Guide Released
The Internal Audit Foundation’s new release, Data Analysis and Sampling Simplified: A Practical Guide for Internal Auditors, is designed to live on the desks of internal auditors, not on the bookshelves. In short, this is a book about data — about how to reduce large data sets down to the critical few high-risk subsets and how to select items or transactions for testing. Most of the book is devoted to data analysis, or what is more formally described as analytical procedures.
Every audit is different, yet all audits follow the same basic path — planning, fieldwork, reporting, and follow-up. Each of the four phases of an audit is composed of distinct activities. With respect to data analysis and sampling, it is important to appreciate that different analytical activities occur at different stages in the audit process.
The author offers useful tips for internal auditors who are faced with a large data set wondering how to proceed, including:
- Foster your creativity and curiosity.
- Make a plan and stick to it.
- Risk is the key.
- Look at the findings of the data analysis from both the graphical/tabular and metric perspectives.
- Validate, validate, validate.
- Organize the data results.
- Always trust your knowledge, your experience, and your intuition.
- Never underestimate the value you bring to the audit.
Numerous exhibits and case studies are included in each chapter, helping the reader review practical applications of the concepts presented. This is a practical guide for audit practitioners to use when conducting data analysis and sampling during the course of an audit.
IIA members are invited to log in to the IIA Bookstore, powered by the Internal Audit Foundation, to purchase this new release using their member discount. Nonmembers may also purchase Data Analysis and Sampling Simplified: A Practical Guide for Internal Auditors by visiting the IIA Bookstore.