How can I find better ways to audit feature films and television shows in my role within an internal audit department at a media/entertainment company, particularly through enhanced data analytics or more operational testing?
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As media and entertainment industry there will be many type of revenue and expense streams, and in order to use enhanced data testing computer aided software's are available to complete the audit. Visualization tools and GL dumps will also help to evaluate the audit trail.
The Audit work for feature films and television shows in a media and entertainment company can be a complex task, but incorporating enhanced data analytics and operational testing can significantly improve the effectiveness of your audit processes. You may consider these approaches for your Audit work.
1. Usage of data analytics to track and analyze rights and royalties' payments for content usage.
2. Comparison of budgeted costs with actual expenses for production to identify discrepancies.
3. Monitoring the distribution of content to ensure compliance with licensing agreements.
Auditing the company involved in Films and television is a specialized field in itself. In order to perform a proper audit, the starting point will be understanding the business and processes around it. While reviewing processes, identify risks associated in each area. Once you identify the risk, you can verify controls against those risks and develop your audit procedures accordingly.
With regard to data, based on client system, you can use various data testing tools available to perform analytical procedures on those data.