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ComplianceFinanceTax & AccountingNovember 03, 2022

Digital skills assessment matrix

How can we move forward with improving digital skills, given how important they’re becoming?

  1. Complete a digital skills assessment
  2. Identifying gaps between the digital skills we have and our objective
  3. Creating a plan to address those gaps

We need to understand the technologies used in our organization, or technologies planned to be used, and what digital technologies can better equip your audit team to be more efficient, effective, and add more value.

Key areas of assessment:

  1. Data analytics - The identification of data sources and the testing of data to identify patterns, anomalies, errors or potential fraud by using established data tests and statistical analysis methods.
  2. Robotics process automation (RPA) - Software robots and/or artificial intelligence workers that use technology to automate a workflow that follows a predictable or routine process.
  3. Machine Learning / Artificial Intelligence - Tools, algorithms and statistical models that automate tasks or predict data behaviors/ outcomes without explicit instructions by relying on patterns and inferences instead.
  4. Cybersecurity - The protection of computer/information systems from theft or damage to their hardware, software or electronic data, as well as from the disruption or misdirection of the services they provide.
  5. Cloud computing - The on-demand availability of computer/ information systems or platforms, especially for computing power and data storage, without direct active management by the user. This term generally describes data centers that are accessible over the Internet.
  6. Process mining - Techniques applied to the field of process management that support the analysis of business processes based on event logs. Process mining typically uses data mining algorithms applied to event log data to identify trends, patterns, and details contained in event logs recorded by a computer/information system with the intention of improving process efficiency and effectiveness.
  7. Data Exchange APIs - Data Exchange APIs (Application Programming Interface) facilitate the transfer and/or communication of data between two or more computer/information systems. In addition to the actual data being exchanged, security during transmission and security access to the data in both source and target systems is in scope of this definition.
  8. Blockchain / Cryptocurrencies - Blockchain is a digital record-keeping technology that stores encrypted transactional information in a public database with the goal of allowing the information to be recorded and distributed but not edited. Cryptocurrency is a digital asset designed to be a medium of exchange in secure financial transactions or the transfer of assets.
  9. Social Media GovernanceSocial media is the interactive technologies that facilitate the creating and/or sharing of information, ideas, and other forms of expression (i.e. opinions, referrals, etc.) via virtual communication and networks. Examples of social media include: Twitter, LinkedIn, Facebook, Instagram, YouTube.
  10. Visualization / Business intelligence (BI) tools - Data visualization is the graphical representation of information and data. By using visual elements, such as charts, graphs, and maps, data visualization tools provide an accessible way to see and understand trends.

Download the digital skills assessment to measure your department against the digital skills capabilities in each of these key areas.

Download the Digital Skills Assessment
For auditors who are challenged to improve audit productivity while delivering strategic insights, TeamMate provides expert solutions, delivered with premium professional services, to auditors around the globe and in every industry.
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