Audit Analytics and Continuous Monitoring
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​Three reasons to add an internal audit function to your company - Nashville Business Journal

​Three reasons to add an internal audit function to your company - Nashville Business Journal | Audit Analytics and Continuous Monitoring | Scoop.it
May is Internal Audit Awareness Month, so here are a few tips to keep in mind.
Alina Bortkevič's insight:

"The creation of an Internal Audit function is often viewed as a luxury by many companies, and one they cannot afford. But the truth is that an internal audit is actually a function most companies cannot afford not to have."

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Accountants Increasingly Use Data Analysis to Catch Fraud

Accountants Increasingly Use Data Analysis to Catch Fraud | Audit Analytics and Continuous Monitoring | Scoop.it
The use of mathematical weapons, such as Benford’s Law, to detect financial cheating is on the rise.
Alina Bortkevič's insight:

CaseWare's IDEA is the most user friendly, high performance audit analytics tool available.  The application of Benford's Law finding abnormalities in large and complex data sets is really easy and effective with IDEA.  

 

IDEA is recognized as the global standard against which other data analysis tools are measured, offering a unique blend of ease of use and powerful functionality. IDEA expands the depth and breadth of your analysis, increases your personal productivity and gives you confidence in your findings. With IDEA, organizations can achieve fast payback, meet professional requirements regarding fraud, risk and internal control, minimize loss and enhance profitability. 

IDEA has many unique features and functions not found in other audit software. 

Creates a record of all changes made to a file (database) and maintains an audit trail or log of all operations, including the import and every audit test, carried out on the database. Each entry is tagged with the user ID from the Windows login.Allows you to import and export data into a multitude of formats, including formats for large mainframe computers and accounting software. Can read and process millions of records in seconds. There is no limit to the number of records that IDEA can process.Compares, joins, appends, and connects different files from different sources.Extracts specific transactions, identifies gaps (for example, in a check number sequence), or duplicates.Profiles data by summarizing, stratifying, or aging the filesCreates useful file statistics automatically.Displays the data and your results graphically.Creates samples using several different sampling methods.And much more.
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Cyber Threats: Information vs. Intelligence

Cyber Threats: Information vs. Intelligence | Audit Analytics and Continuous Monitoring | Scoop.it

, Gartner has published a useful definition: “evidence-based knowledge, including context, mechanisms, indicators, implications and actionable advice about an existing or emerging menace or hazard to assets that can be used to inform decisions regarding the subject’s response...” That’s definitely more than data and information.

Alina Bortkevič's insight:

A definition of intelligence by Gartner:  “evidence-based knowledge, including context, mechanisms, indicators, implications and actionable advice about an existing or emerging menace or hazard to assets that can be used to inform decisions regarding the subject’s response...”

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Positive Power of Negative Thinking: Great Leaders Build Great Businesses on the Realities of Negative Thinking...

Positive Power of Negative Thinking: Great Leaders Build Great Businesses on the Realities of Negative Thinking... | Audit Analytics and Continuous Monitoring | Scoop.it
Negative thinking: Effective business leadership strike a balance between optimists’-- blue sky view of the world, and pessimists’-- more clear-eyed assessment of any given situation...
Alina Bortkevič's insight:

"Whether people succeed is not a matter of thinking positively or negatively, but rather whether they choose strategies that match their thinking styles."

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Our Brains Will Be Hacked, Tracked and Data-Mined

Our Brains Will Be Hacked, Tracked and Data-Mined | Audit Analytics and Continuous Monitoring | Scoop.it
Raw brainwave data used for neurogaming could be tapped to get a detailed read-out of your private thoughts.
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The death of the statistician

The death of the statistician | Audit Analytics and Continuous Monitoring | Scoop.it
And the rise of the data scientist. These pictures speak better than words. They represent keyword popularity according to Google. These numbers and charts are…
Alina Bortkevič's insight:

The death of the statistician and the rise of the data scentist.

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Complex Event Processing (CEP) Market Worth $3,322 Million by 2018 Forecasted in MarketsandMarkets Recent Report

Complex Event Processing (CEP) Market Worth $3,322 Million by 2018 Forecasted in MarketsandMarkets Recent Report | Audit Analytics and Continuous Monitoring | Scoop.it
DALLAS, TEXAS--(Marketwired - Dec. 24, 2013) - The report "Complex Event Processing (CEP) Market [Algorithmic Trading, Fraud Detection, Sentiment Analysis, Supply Chain Optimization, Transportation and Logistics, Revenue Assurance, Emergency Response Services] Worldwide Market Forecast & Analysis (2013 - 2018)" by MarketsandMarkets, defines and segments the global Complex Event Processing (CEP)...
Alina Bortkevič's insight:

The Complex Event Processing (CEP) Market is estimated to grow from $ 764.5 million in 2013 to $3,322.0 million in 2018. This represents a Compounded Annual Growth Rate (CAGR) of 34.2% from 2013 to 2018.

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Big Data Means Nothing If It Isn’t Smart

Big Data Means Nothing If It Isn’t Smart | Audit Analytics and Continuous Monitoring | Scoop.it
Big Data is worthless unless it is actionable. Worse yet, even if it is actionable, it is still worthless if it isn’t timely. What you need is Smart Data.
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Web Intelligence Adds Another Dimension to Analysis | Recorded Future

Web Intelligence Adds Another Dimension to Analysis | Recorded Future | Audit Analytics and Continuous Monitoring | Scoop.it
Anne Walton says, "Web intelligence provides one analyst with multiple views of the world. It can and should be used to challenge perceptions."
Alina Bortkevič's insight:

"The web adds another dimension to analysis".

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Italy prosecutors suspect Roche, Novartis of fraud: sources

Italy prosecutors suspect Roche, Novartis of fraud: sources | Audit Analytics and Continuous Monitoring | Scoop.it
ROME (Reuters) - Italian prosecutors looking into allegations of collusion between Roche and Novartis over a cancer drug suspect the firms of possible fraud and manipulating the drugs market, judicial
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A beautiful film series about complex systems

A short film looking at complex systems theory from http://www.fotonlabs.com "


Via Lorien Pratt
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Lorien Pratt's curator insight, March 2, 2014 4:49 PM

This is my favorite short introduction to the complex systems underpinnings of decision intelligence.  Well worth a watch, if only for the beautiful photography.


This is a series in four parts. The following ones are at these links:


Some quotes from the film:

 

"At some point the box does not fit any more...you need a paradigm shift."

"[Complex systems] are the conceptual boxes into which the scientists, by a rather strenuous and devoted attempt, put nature into."

 

"We need to change our view from the component-oriented to the transaction-oriented."

 

"These systems are critically fragile, and small perturbations can trigger larger systemic effects."

 

"Beyond [data] we must come up with new tools, new concepts, to face the problems today."

"This coupling of complex systems with science involves a paradigmatic shift...it emphasizes process over structure, it emphasizes holistic contextualization over reduction"

"We are now living in what we call "the big system". The global system...has many interconnected subsystems, and many, what we call feedback loops."

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Gartner predicts BI and analytics will remain top focus for CIOs through 2017 | Information Age

Gartner predicts BI and analytics will remain top focus for CIOs through 2017 | Information Age | Audit Analytics and Continuous Monitoring | Scoop.it
Gartner believes major changes are imminent to the world of BI and analytics including the dominance of data discovery techniques, wider use of real-time streaming event data and the eventual acceleration in BI and analytics spending when big data...
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Governance by algorithms | Internet Policy Review

Algorithms are increasingly often cited as one of the fundamental shaping devices of our daily, immersed-in-information existence. Their importance is acknowledged, their performance scrutinised in numerous contexts. Yet, a lot of what constitutes “algorithms” beyond their broad definition as “encoded procedures for transforming input data into a desired output, based on specified calculations”[2] is often taken for granted. At the same time, they are “invoked as powerful entities that control, govern, sort, regulate, and shape everything from financial trades to news media”[3]. Recently (May 16-17, 2013), an interdisciplinary event organised at New York University has addressed this issue through an interesting lens: that of governance – governance by algorithms in addition to governance of algorithms. ...


Via Rob Kitchin
Alina Bortkevič's insight:

The extent to which we live in a world ruled by algorithms has to be assessed. We need to research not only the extent to which, given the ubiquity of algorithms, they regulate us in a sense, but also “what it would mean to resist them”.

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Analysing the analysts: Predicting emerging technologies | ZDNet

Analysing the analysts: Predicting emerging technologies | ZDNet | Audit Analytics and Continuous Monitoring | Scoop.it

Issues surrounding privacy and information security will be more important than ever.

Alina Bortkevič's insight:

Issues surrounding privacy and information security will be more important than ever.

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Beware Big Data's Easy Answers

Beware Big Data's Easy Answers | Audit Analytics and Continuous Monitoring | Scoop.it
They're not always accurate.
Alina Bortkevič's insight:

Just because you got an answer, even a “significant” one, doesn’t mean you got a real answer, or an important one.

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Illusion of Knowledge-- The Wild Ass Guess (WAG) in Business: You Don’t Know as Much as You Think You Know...

Illusion of Knowledge-- The Wild Ass Guess (WAG) in Business: You Don’t Know as Much as You Think You Know... | Audit Analytics and Continuous Monitoring | Scoop.it
Illusion of knowledge: Beware of false knowledge; it’s more dangerous than ignorance... greatest obstacle to discovery is not ignorance; it’s the illusion of knowledge... One element of this illusion is our belief that our basic understanding is actually a deep understanding, when in fact it might be just superficial...
Alina Bortkevič's insight:

According to Stephen Hawking; greatest enemy of knowledge is not ignorance, it’s the illusion of knowledge…

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Which Came First, the Analyst or the Culture?

Which Came First, the Analyst or the Culture? | Audit Analytics and Continuous Monitoring | Scoop.it
By Jason Thompson, co-founder, 33 Sticks You can spend a lot of money hiring great analysts but unless you have the culture of analytics as a core component across the business, even the best
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Sources And Methods

Sources And Methods | Audit Analytics and Continuous Monitoring | Scoop.it
Alina Bortkevič's insight:

"What analysts should focus on is forecasting accuracy. In fact, our current research suggests that a less biased forecast is not necessarily a more accurate forecast."

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Why you Don’t Need a Business Case for a Discovery Platform! - ANZ Blog

Why you Don’t Need a Business Case for a Discovery Platform! - ANZ Blog | Audit Analytics and Continuous Monitoring | Scoop.it
Alina Bortkevič's insight:

"The best opportunities come from questions that start with “I suspect that this is occurring but don’t know how to find out…”, or some variation of this. These questions focus attention and give analysis a purpose."

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Italy prosecutors suspect Roche, Novartis of fraud: sources

Italy prosecutors suspect Roche, Novartis of fraud: sources | Audit Analytics and Continuous Monitoring | Scoop.it
ROME (Reuters) - Italian prosecutors looking into allegations of collusion between Roche and Novartis over a cancer drug suspect the firms of possible fraud and manipulating the drugs market, judicial
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Quandl and Excel - Public Data you can use

Quandl and Excel - Public Data you can use | Audit Analytics and Continuous Monitoring | Scoop.it
              I found a great tool for integrating Quandl free, public data into Excel PowerBI. I made a quick screencast too.  There are over 8,000,000 datasets ...
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The benefits—and limits—of decision models | McKinsey & Company

The benefits—and limits—of decision models | McKinsey & Company | Audit Analytics and Continuous Monitoring | Scoop.it
Big data and models help overcome biases that cloud judgment, but many executive decisions also require bold action inspired by self-confidence. Here’s how to take charge in a clear-headed way. A McKinsey Quarterly article.
Alina Bortkevič's insight:

"Players win games. Not theories."

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12 big data predictions for 2014

12 big data predictions for 2014 | Audit Analytics and Continuous Monitoring | Scoop.it
It's been one of the big buzzwords of 2013, but what does 2014 have in store for big data? CIO.com looks at 12 ways the technology and the market will evolve in the coming year.
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