ABSTRACT
Control charts are used to study how a process changes over time. Similar to a line chart, data are plotted in time order. Control charts are one of the Seven Basic Tools of Quality and although it is widely used by quality control specialists, it is seldom known, and even less frequently used, by internal auditors. Control charts indicate dynamics and possible patterns highlighting anomalies. This is unfortunate, because control charts can help auditors determine if the process is stable and under control. Control charts provide valuable information about the dynamics in a process that can help internal auditors identify problems beyond the traditional pass/fail approach. These charts are a great supplement to any work done developing Key Performance Indicators (KPIs), Key Risk Indicators (KRIs), Continuous Monitoring (CM), and Continuous Auditing (CA). As internal auditors move beyond providing hindsight, control charts can help them provide deeper insight and foresight.
