It is believed, future world stands on innovation and Internal Audit practice has hence, fast responded to innovative techniques to develop risk strategies. InQHive understands this very well and has therefore adopted to many such tools and methodologies to deliver high quality audits and operational value to clients.
Data Science / Analytics: Data analytics has been gaining traction very recently across several businesses in many areas and now it has started to gain a following in Internal Audit as well. Organizations use data everyday to make better business decisions. Moore’s Law says that data within an organization doubles in just 18 months. Our team can leverage that data to provide more insight into the business. Through data analytics our experts look at more data within the organization. The entire population, as against the traditional way of simply sampling, allows us to do a lot more than we would have been able to do without leveraging on data and using data analytics as a technique. Our team uses data analytical techniques to extract the whole population of data for a period of review and identify anomalies, test for discrepancies, evaluate the data to better understand the process and the business it drives. Data analytics helps us to better perform in the audit planning, scoping and assessment in the initial phase with a greater speed and quality of fieldwork, thereafter, leading to reports with great value.
Agile Methodology: At InQHive, our experts follow a more collaborative approach. They interact with the clients at every step more frequently, whether be it during the audit planning phase or fieldwork or reporting. Through this approach, the team gets in-depth knowledge of the business and the process, hence enabling themselves to identify key risk areas, eliminating pain points. Appropriate level of documentation is developed and shared with client and feedback is obtained and incorporated on time. This enables the client to view status of the audit engagement on real-time, hence marking the expectations with higher level of transparency. Our clients benefit from this approach in terms of timely deliverables and qualitative insights.