Issue: № 10, 2024
Doi: https://doi.org/10.37634/efp.2024.10.3
Internal audit plays an important role in modern organizations, providing a reliable system of control, assessment of the effectiveness of business processes and risk management. The audit checks how effectively the company's internal systems and processes are functioning, helps identify deficiencies and provides recommendations for their elimination. The purpose of the paper is to show how big data analytics can optimize internal audit processes, improving risk management, control effectiveness, speed of problem detection and accuracy of business process assessment. Internal control is a key component of effective management of any organisation and the basis for conducting an internal audit. It consists of procedures and policies aimed at protecting the company's assets, ensuring the accuracy of financial reporting and achieving organisational goals. Big data analytics significantly changes the approach to internal control, allowing to improve the accuracy and efficiency of monitoring the organisation's operations and financial activities. Big data makes it possible to automate many control functions. Algorithms can collect, process and analyse huge amounts of data in real-time, which reduces the need for manual control and reduces the risk of human error. The implementation of big data analytics in the internal control system provides not only increased accuracy and speed of response but also better transparency and security of operations, which is an important condition for the effective operation of modern organisations. Big data has the potential to significantly improve internal audit, particularly in risk management and digital transformation. The implementation of new technologies and strategies can increase the efficiency, accuracy and speed of audit processes, which in turn contributes to the overall success of the organization.
Keywords : internal control, risk management, data management, digital transformation, business analytics
References:
1. Kachmar T.I., Maksymets Yu.V. The importance of financial audit in the management of enterprise activities. Scientific Bulletin of UNFU. 2024. Vol. 34, No. 4. pp. 20–25. URL: https://doi.org/10.36930/40340403 (in Ukrainian).
2. Dorosh N. Use of information technologies in internal audit. Socio-Economic Problems and the State. 2021. № 2 (25). pp. 193-201. URL: http://sepd.tntu.edu.ua/images/stories/pdf/2021/21dniuva.pdf (in Ukrainian).
3. Frenzel V., Slyunina T. Optimizing the activity of the insurance sector through the implementation of an effective internal audit system. Economy and Society. 2021. No. 31. URL: https://doi.org/10.32782/2524-0072/2021-31-32 (in Ukrainian).
4. Hnatchenko D. Modeling of the intellectual support system of the internal audit of a business entity. Management of the development of complex systems. 2023. No. 54. pp. 114–121. URL: https://doi.org/10.32347/2412-9933.2023.54.114-121 (in Ukrainian).
5. Marinin D.L. Methods of collecting and processing big data used in modern systems. Academic notes of TNU named after V.I. Vernadskyi. Series: Technical sciences. 2024. Vol. 35 (74). No. 2. pp. 369-275. URL: https://doi.org/10.32782/2663-5941/2024.2/51 (in Ukrainian).
6. Suprunenko S., Chornovol A., Gavrilyuk V. Using data analytics to manage financial processes in the digital environment of Ukraine. Economy and Society. 2024. No. 62. URL: https://doi.org/10.32782/2524-0072/2024-62-51 (in Ukrainian).
7. Sergienko T. Big data in the financial sector: forecasting risks and trends. Scientific Innovations and Advanced Technologies. 2024. No. 8(36). URL: https://doi.org/10.52058/2786-5274-2024-8(36)-963-972 (in Ukrainian).
8. Shendryk V., Parfenenko Yu., Tymchuk S., Boiko O., Horbatenko O.Microservice of cloud storage and data exchange of forecasting models of the decision-making support system for hybrid power grid management. Information Technology: Computer Science, Software Engineering and Cyber Security. 2024. No. 1. pp. 117–127. URL: https://doi.org/10.32782/it/2024-1-14 (in Ukrainian).
9. Tkachenko O., Tkachenko K., Piddubchenko M. Analysis of modern trends in the development of information systems. Electronic Professional Scientific Publication "Cybersecurity: Education, Science, Technology". 2024. No. 4(24). pp. 205–220. URL: https://doi.org/10.28925/2663-4023.2024.24.205220 (in Ukrainian).
10. Halitsyn V., Halitsyn O., Halitsyn V. Information risk management as a factor in increasing the efficiency of the enterprise. Economy and Society. 2024. No. 62. URL: https://doi.org/10.32782/2524-0072/2024-62-10 (in Ukrainian).
11. Holovchak H., Ivanova N., Kotorobai S. Auditory control and internal control as instruments for enhancing the reliability of financial reporting. Global Innovations and Collaborative Solutions in Contemporary Science. Futurity Research Publishing. 2023. pp. 191-196. URL: https://futuritypublishing.com/international_conference_3/
12. Ovander N., Katunina O., Didur H. Application of big data and analytics to optimize business processes and reduce costs. Via economica. 2024. No. 4. P. 133–139. URL: https://doi.org/10.32782/2786-8559/2024-4-18 (in Ukrainian).
13. Dzyundziuk V., Klochko I. Risk management in the public sector: strategies and implementation mechanisms. Society and National Interests. 2024. No. 4(4). URL: https://doi.org/10.52058/3041-1572-2024-4(4)-915-924 (in Ukrainian).
14. Yaskov Y.O. Categorical design of the concepts "investment attractiveness" and "investment climate". Economics Bulletin of Dnipro University of Technology. 2024. No. 1. P. 44-53. URL: https://ev.nmu.org.ua/docs/2024/1/EV20241_044-053.pdf (in Ukrainian).
15. Prokopenko O.V. Organization of internal control at an industrial enterprise: directions for improvement. Scientific Notes of the Lviv University of Business and Law. Economical Series. Legal Series. 2022. No. 35. URL: https://nzlubp.org.ua/index.php/journal/article/view/897/807 (in Ukrainian).