ABSTRACT
This chapter outlines why analytics is important and the opportunity to deliver value for customers through cost reductions and recoveries. Internal audit is in a unique position to provide insights for customers by incorporating data analytics as part of each audit and special project. Companies can save upward of 50% of telecommunication expenditures through data analysis and optimization of plans. In formal audits, analytics should be performed during preplanning and planning to help prioritize the scope and add value for customers. Data analytics offer a quick way to deliver value for customers. Travel and expense data analysis can typically identify cost savings of 3% of expenditures. Hotel expenditures offer a variety of cost saving and recovery opportunities. Employees may be reimbursed more than once for the same expense. Assess executive expenditures for reasonableness. Subscriptions like software are often not utilized, leading to unnecessary expenditures.
