Phase 1 - Scope & Plan

Objective

Define the objectives and questions to be addressed by the analytical activities.

Key Activities

• 1.0 Initial Objective Setting (input from general engagement planning)
• 1.1 Identify and consider the engagement objectives based on:
• Known risks in the audit areas
• Results from previous audits
• Management concerns or requests
• Regulatory requirements
• Planning memorandum

• 2.0 Define Data Analysis Scope and Questions
• 2.1 Formulate initial questions and hypotheses, considering:
• Confirmatory questions
• Exploratory questions
• Causal questions
• Non-causal questions
• 2.2 Apply the analytics use-case decision gate to confirm that the question, measurable expectation, data availability, and audit value justify analysis work
• 2.3 Prioritize questions based on risk assessment and audit objectives
• 2.4 Recognize that questions may evolve throughout the analysis process

• 3.0 Identify Data Requirements
• 3.1 Identify relevant information systems and data sources
• 3.2 Understand the data architecture and flow of information
• 3.3 Determine the format and structure of available data
• 3.4 Assess data availability, and potential limitations
• 3.5 Identify any data gaps or additional data needs

• 4.0 Stakeholder Engagement
• 4.1 Discuss the approach with data owners and key stakeholders

• 5.0 Data Request and Acquisition
• 5.1 Develop data request
• 5.2 Determine delivery and storage method(s)

Key Deliverables

• Initial questions and hypotheses
• Data requirements list (template)
• Data request(s) (template)