NICK PANNERI, CFE
 
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Common Mistakes to Avoid with your Audit Analytics Program

2/15/2015

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  • Whatever your tech tool(s) don’t train everyone at once.  I know, I know, it sounds great to train your entire team and have an army of analytic professionals!  The reality is only certain employees will embrace the new technology, especially when it’s analytic software.  So, spend your money on the few employees having shown an interest/aptitude for technology tools.
  • Once you have someone trained move them immediately to a project where they can use their new knowledge.  Try not to make the project second priority to other audit work.  If your employees can’t apply their new knowledge soon after training then they will likely lose what they’ve learned.
  • You can get lost in the data so concentrate on the obvious findings.  As you start, don’t spend months and months analyzing the same set of data for every possible angle of fraud, waste or abuse.  The reality is 80% of your findings are going to come quickly as you investigate the obvious fraud red flags.  From an ROI perspective, it’s better to get through multiple projects while focusing on the big/obvious issues than completing only one project because you’ve spent so much time turning over every rock.
Good luck!
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    The views expressed in this blog are mine and do not necessarily reflect the views of Enterprise Holdings, Inc.

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