Guest lecture EY EY - could data lead to better audits? KPMG built a huge office in Amsterdam to store paper audit files -> digitization -> no need for office (more efficient). Audit is about identifying risk. There is a big potential for companies not to focus efforts on the details of the ledgers (e.g., receivables from sold chairs or receivables from computers or jewelry -> does not matter when consolidated). Process mining analyzes the digital footprints (activities as logged in application (e.g., ERP)) and visualizes every activity in a process model with all deviations from the expected path (see slide for example). EY uses regression analysis to predict client performance and outcomes -> outliers analyzed in model. This closely connects to management by exception.