In this video, Ben Evans, the host of the Profit Recovery Podcast, interviews Rich Lanza, the Managing Director of Audit Innovation at Grant Thornton LLP and author of the book “Cost Recovery.” They discuss the use of data analytics in a recovery audit and how it can make the process more effective and efficient. Ben shares how he discovered Rich’s book when he first entered the recovery audit industry and reached out to him to be a guest on the podcast. Rich introduces himself, explaining his background in accounting and technology, and how he became interested in cost recovery and data analytics.
He talks about his experience in auditing and the shift towards using data analytics for audits, highlighting the benefits of analyzing data remotely and providing more focused audit results. The main topic they discuss is the importance of using data analytics at the beginning of an audit to determine the audit scope and strategy. They emphasize the need for auditors to be more strategic and intelligent in using data to identify areas for audit, resulting in more efficient audits, better financial outcomes, and reduced friction with clients. Rich also mentions the challenge of convincing organizations to embrace data analytics and overcome the resistance to change.