Diligent Audit Analytic Capability Model Framework

This white paper presents the Diligent Audit Analytic Capability Model, a framework designed to assist organizations in enhancing their analytics capabilities within audit functions. It outlines five progressive levels of audit analytics: Basic, Applied, Managed, Automated, and Monitoring. Each level is characterized by specific features, benefits, and challenges that auditors face as they advance through the model. The paper emphasizes the importance of data analytics in transforming audit processes, enabling auditors to gain insights into past events, current circumstances, and potential future risks. It also discusses the fundamental building blocks necessary for effective audit analytics, including people, processes, and technology. The document aims to provide guidance on optimizing these elements to improve the effectiveness of audit analytics and facilitate a shift towards continuous monitoring. Additionally, it includes a case study demonstrating the successful implementation of audit analytics in a real-world scenario.