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)