Most companies are subject to audit, be these quality or financial. Audits, as defined in the internal standards for quality audits, ISO 19011:2018—Guidelines for auditing management systems, are a “systematic, independent and documented process for obtaining audit evidence [records, statements of fact or other information which are relevant and verifiable] and evaluating it objectively to determine the extent to which the audit criteria [set of policies, procedures or requirements] are fulfilled.”
Audit process
The audit process traditionally involves trained auditors visiting a workplace and undertaken a formal review of documentation and interviewing staff. This may also extend to a review of computerized systems. Where financial audits are conducted, the auditors will be seeking to determine whether there has been financial fraud. Here the auditor’s role is to conduct an audit in such a manner as to obtain reasonable assurance that the financial statements, taken as a whole, are free from material misstatements, whether due to fraud or error. As systems become more sophisticated, so do techniques designed to obscure financial information.
Big data analysis
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