NACD Audit Committee Chair Advisory Council: Big Data, Data Analytics, and the Audit Committee
In brief: The proliferation of digital tools in corporate audit and finance functions is uncharted territory for many directors. NACD, KPMG, and Sidley Austin convened the NACD Audit Committee Chair Advisory Council to discuss big data, data analytics, and the audit of the future. The discussion covered the following topics:
- What skills will be required in the audit profession?
- Will technology outpace regulatory standards?
- How will data be secured and protected?
- Is there a point of diminishing returns with these technologies?
This resource can help your board understand:
- How your company’s external auditor might use big data and data analytics in the audit process.
- Which departments typically have responsibility for aspects of an organization’s data privacy (see appendix).
Most relevant audiences: Audit committee members